LOOK AHEAD: UK Timeline of Key Events (Times GMT)
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SCHATZ TECHS: (H6) Gains Considered Corrective
- RES 4: 106.945 High Dec 3 and a key resistance
- RES 3: 106.900 High Dec 5
- RES 2: 106.835 High Dec 8
- RES 1: 106.793/810 20-day EMA / High Dec 30
- PRICE: 106.745 @ 06:03 GMT Jan 5
- SUP 1: 106.690 Low Dec 18
- SUP 2: 106.630 Low Dec 10 and the bear trigger
- SUP 3: 106.621 2.236 proj of the Nov 26 - Dec 2 - 3 minor price swing
- SUP 4: 106.600 2.382 proj of the Nov 26 - Dec 2 - 3 minor price swing
A bear theme in Schatz futures remains intact and short-term gains are considered corrective. On the continuation chart, moving average studies are in a bear-mode position, highlighting a dominant downtrend. A resumption of the downtrend would open 106.621 next, a Fibonacci projection. Initial firm resistance is seen at 106.793 (pierced), the 20-day EMA. A stronger corrective bounce would allow a recent oversold trend condition to unwind.
LOOK AHEAD: Eurozone Timeline of Key Events (Times GMT)
| Date | Time | Country | Event |
| 06-Jan | 0745 | FR | HICP (p) |
| 06-Jan | 0815 | ES | S&P Global Services / Composite PMI |
| 06-Jan | 0815 | EU | ECB Cipollone Chairs Intl Monetary System Panel |
| 06-Jan | 0845 | IT | S&P Global Services / Composite PMI |
| 06-Jan | 0850 | FR | S&P Global Services / Composite PMI (f) |
| 06-Jan | 0855 | DE | S&P Global Services / Composite PMI (f) |
| 06-Jan | 0900 | DE | North Rhine Westphalia CPI |
| 06-Jan | 0900 | EU | S&P Global Services / Composite PMI (f) |
| 06-Jan | 1300 | DE | Germany CPI (p) |
| 07-Jan | 0700 | DE | Retail Sales |
| 07-Jan | 0745 | FR | Consumer Sentiment |
| 07-Jan | 0830 | EU | S&P Global Final Eurozone Construction PMI |
| 07-Jan | 0855 | DE | Unemployment |
| 07-Jan | 0900 | DE | Bavaria CPI |
| 07-Jan | 1000 | EU | EZ HICP Flash |
| 07-Jan | 1000 | IT | Italy Flash Inflation |
GBPUSD TECHS: Remains Above Support For Now
- RES 4: 1.3661 High Sep 18
- RES 3: 1.3607 2.764 proj of the Nov 4 - 13 - 20 price swing
- RES 2: 1.3557 76.4% retracement of the Sep 17 - Nov 4 bear leg
- RES 1: 1.3502/3537 High Jan 2 / High Dec 25 and the bull trigger
- PRICE: 1.3424 @ 06:06 GMT Jan 5
- SUP 1: 1.3402 Low Dec 31
- SUP 2: 1.3361 50-day EMA
- SUP 3: 1.3288 Low Dec 9
- SUP 4: 1.3180 Low Dec 2
The trend condition in GBPUSD remains bullish and for now, the latest pullback appears corrective. Note that moving average studies have recently crossed and are in a bull-mode position, highlighting a dominant uptrend. Key short-term support is seen at 1.3361, the 50-day EMA. A clear breach of this EMA would signal scope for a deeper pullback. For bulls, a resumption of the uptrend would open 1.3557, a Fibonacci retracement.
