LOOK AHEAD: UK Timeline of Key Events (Times GMT)
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BOBL TECHS: (Z5) Bear Cycle Intact For Now
- RES 4: 119.000 Round number resistance
- RES 3: 118.970 High Oct 17 and key resistance
- RES 2: 118.770 High Oct 22
- RES 1: 118.360/600 High Oct 28 / 24
- PRICE: 118.130 @ 05:55 GMT Nov 4
- SUP 1: 118.020 Low Oct 30
- SUP 2: 118.043 61.8% retracement of the Sep 25 - Oct 17 bull cycle
- SUP 3: 117.900 Low Oct 10
- SUP 4: 117.824 76.4% retracement of the Sep 25 - Oct 17 bull cycle
A bear cycle in Bobl futures remains intact for now and the contract is trading closer to its recent lows.The move down that started Oct 17 is considered corrective and has allowed a recent overbought trend condition to unwind. However, support around the 50-day EMA, at 118.163, has been breached. This signals scope for a deeper retracement and opens 117.900, the Oct 10 low. Initial resistance is at 118.360, the Oct 28 high.
LOOK AHEAD: Eurozone Timeline of Key Events (Times GMT)
| Date | Time | Country | Event |
| 04-Nov | 0740 | EU | ECB Lagarde Keynote Speech At Bulgarian National Bank |
| 04-Nov | 0745 | FR | Budget Balance |
| 04-Nov | 0945 | EU | ECB Lagarde At Bulgarian National Bank Conference |
| 05-Nov | 0700 | DE | Manufacturing Orders |
| 05-Nov | 0745 | FR | Industrial Production |
| 05-Nov | 0815 | ES | S&P Global Services / Composite PMI |
| 05-Nov | 0845 | IT | S&P Global Services / Composite PMI |
| 05-Nov | 0850 | FR | S&P Global Services / Composite PMI (f) |
| 05-Nov | 0855 | DE | S&P Global Services / Composite PMI (f) |
| 05-Nov | 0900 | IT | Retail Sales |
| 05-Nov | 0900 | EU | S&P Global Services / Composite PMI (f) |
| 05-Nov | 1000 | EU | EZ PPI |
| 06-Nov | 0700 | DE | Industrial Production |
| 06-Nov | 0800 | ES | Industrial Production |
| 06-Nov | 0810 | EU | ECB Schnabel At ECB Money Market Conference |
| 06-Nov | 0830 | EU | S&P Construction PMI / ECB De Guindos Natixis Webinar |
| 06-Nov | 1000 | EU | EZ Retail Sales |
| 06-Nov | 1830 | EU | ECB Lane At IMF Conference |
EURUSD TECHS: Bear Cycle Still In Play
- RES 4: 1.1779 High Oct 1
- RES 3: 1.1728 High Oct 17
- RES 2: 1.1669 High Oct 28 and key resistance
- RES 1: 1.1577/1618 Low Oct 22 / 20-day EMA
- PRICE: 1.1514 @ 06:07 GMT Nov 4
- SUP 1: 1.1498 Low Nov 3
- SUP 2: 1.1460 1.382 proj of the Oct 17 - 22 - 28 price swing
- SUP 3: 1.1392 Low Aug 1 and bear trigger
- SUP 4: 1.1313 Low May 30
A bear leg in EURUSD remains intact. Last week’s move down resulted in a breach of an important support at 1.1542, the Oct 9 low. This confirms a resumption of the current downtrend. Note that 1.1516, the 76.4% retracement of the Aug 1 - Sep 17 bull leg, has also been cleared. An extension of the bear leg would expose key support at 1.1392, the Aug 1 low. First resistance to watch is 1.1669, the Oct 17 high.
