EUROZONE T-BILL ISSUANCE: W/C December 15

• RES 4: 107.235 High Oct 22
• RES 3: 107.175 High Oct 24 
• RES 2: 107.032/070 20- and 50-day EMA values
• RES 1: 107.015 High Nv 18   
• PRICE: 106.995 @ 06:23 GMT Nov 19
• SUP 1: 106.945 Low Nov 17   
• SUP 2: 106.920 Low Sep 25 and a key support 
• SUP 3: 106.900 Round number support
• SUP 4: 106.830 Low Mar 27 (cont.)  

A short-term bear cycle in Schatz futures remains intact and the contract is trading closer to its latest lows. Recent weakness paves the way for an extension towards 106.920, the Sep 25 low and a key support. Clearance of this level would strengthen a bear theme. Initial firm resistance to watch is 107.032, the 20-day EMA. Resistance at the 50-day EMA is at 107.070. The area between the two averages represents a key short-term resistance zone.

• RES 4: 1.3368 50.0% retracement of the Sep 17 - Nov 4 bear leg    
• RES 3: 1.3297 50-day EMA   
• RES 2: 1.3284 38.2% retracement of the Sep 17 - Nov 4 bear leg 
• RES 1: 1.3198/3206 20-day EMA / High Nov 13
• PRICE: 1.3150 @ 06:29 GMT Nov 19
• SUP 1: 1.3085/10 Low Nov 12 / Low Nov 4 & 5 and the bear trigger 
• SUP 2: 1.2971 1.382 proj of the Sep 17 - 25 - Oct 1 price swing
• SUP 3: 1.2945 50.0% retracement of the Jan 13 - Jul 1 bull leg
• SUP 4: 1.2877 1.618 proj of the Sep 17 - 25 - Oct 1 price swing          

Key short-term resistance in GBPUSD is seen at the 20-day EMA, at 1.3198. It has been pierced, a clear break of it would signal scope for a stronger corrective cycle and expose the 50-day EMA, at 1.3297. Moving average studies remain in a bear-mode condition and continue to highlight a dominant downtrend. A reversal would signal the end of the correction and a resumption of the bear leg. The bear trigger is 1.3010, the Nov 4 and 5 low.

• RES 4: 118.600 High Oct 24       
• RES 3: 118.360 High Oct 28   
• RES 2: 118.270 High Nov 5  118.360/600 High Oct 28 / 24
• RES 1: 118.114 50-day EMA.   
• PRICE: 117.950 @ 06:06 GMT Nov 19
• SUP 1: 117.800 Low Nov 17 / 18  
• SUP 2: 117.710 Low Oct 6  
• SUP 3: 117.630 Low Oct 1  
• SUP 4: 117.470 Low Sep 15 and a key support 

The short-term trend condition in Bobl futures remains bearish and a fresh cycle low this week reinforces current conditions. Recent weakness resulted in a breach of 118.043, 61.8% of the Sep 25 - Oct 17 bull cycle. Note that 117.824, the 76.4% retracement, has been pierced. A continuation lower would open 117.630, the Oct 1 low. Initial firm resistance is seen at 118.114, the 50-day EMA.