SCHATZ TECHS: (Z5) Bearish Trend Structure Intact
- RES 4: 107.240 High Aug 4
- RES 3: 107.225 High Aug 27 and the bull trigger
- RES 2: 107.145/190 High Sep 11 / High Sep 5 and 8
- RES 1: 107.050 Low Aug 25 and Sep 2 and a recent breakout level
- PRICE: 106.975 @ 05:53 BST Oct 1
- SUP 1: 106.920 Low Sep 25
- SUP 2: 106.907 1.618 proj of the the Aug 27 - Sep 2 - 8 price swing
- SUP 3: 106.900 Round number support
- SUP 4: 106.881 1.764 proj of the the Aug 27 - Sep 2 - 8 price swing
The trend structure in Schatz futures is unchanged, it remains bearish and short-term gains appear corrective. Last week’s move lower delivered a fresh cycle low, confirming a resumption of the downtrend. This also maintains the bearish price sequence of lower lows and lower highs. Sights are on 106.907 next, a Fibonacci projection, ahead of the 106.900 handle. On the upside, initial resistance is at 107.050, Aug 25 and Sep 2 low.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
EURGBP TECHS: Bear Threat Still Present
- RES 4: 0.8769 High Jul 28 and the bull trigger
- RES 3: 0.8744 High Aug 7
- RES 2: 0.8682 High Aug 8
- RES 1: 0.8674 High Aug 25 / 28 and a key near-term resistance
- PRICE: 0.8660 @ 06:39 BST Sep 1
- SUP 1: 0.8597 Low Aug 14 and the bear trigger
- SUP 2: 0.8562 50.0% retracement May 29 - Jul 28 upleg
- SUP 3: 0.8540 Low Jun 30
- SUP 4: 0.8514 61.8% retracement May 29 - Jul 28 upleg
EURGBP continues to trade below its most recent highs. A bear threat is present and attention is on support at 0.8597, the Aug 14 low. Clearance of this level would confirm a resumption of the downtrend that started Jul 28 and highlight potential for a deeper retracement. This would open 0.8562, a Fibonacci retracement. For bulls, resistance to watch is 0.8674, the Aug 25 and 29 high. A breach would instead signal a stronger reversal.
SCHATZ TECHS: (U5) Trend Structure Remains Bearish
- RES 4: 107.245 High Jul 24
- RES 3: 107.185 High Aug 1
- RES 2: 107.145 50-day EMA and a key area of resistance
- RES 1: 107.125 High Aug 27
- PRICE: 107.050 @ 06:13 BST Sep 1
- SUP 1: 107.035/106.970 Low Aug 26 / 25 and the bear trigger
- SUP 2: 107.964 1.618 proj of the Jul 7 - 11 - 22 price swing
- SUP 3: 106.928 1.764 proj of the Jul 7 - 11 - 22 price swing
- SUP 4: 106.870 2.000 proj of the Jul 7 - 11 - 22 price swing
The trend outlook in Schatz futures remains bearish, and recent short-term gains appear corrective. Resistance to watch is at the 50-day EMA, at 107.145. A clear break of this EMA would undermine a bear theme and signal scope for a stronger recovery. This would open 107.185, the Aug 1 high. On the downside, the bear trigger has been defined at 106.970, the Aug 25 low. Clearance of this level would confirm a resumption of the downtrend.
GBPUSD TECHS: Outlook Remains Bullish
- RES 4: 1.3753 High High Jul 2
- RES 3: 1.3681 High Jul 4
- RES 2: 1.3636 76.4% retracement of the Jul 1 - Aug1 downleg
- RES 1: 1.3544/3595 High Aug 22 / 14
- PRICE: 1.3523 @ 06:28 BST Sep 1
- SUP 1: 1.3391 Low Aug 22 and the bear trigger
- SUP 2: 1.3315 61.8% retracement of the Aug 1 - 14 bull leg
- SUP 3: 1.3249 76.4% retracement of the Aug 1 - 14 bull leg
- SUP 4: 1.3142 Low Aug 1 and a key support
The outlook in GBPUSD remains bullish and the pair continues to trade above support. The Aug 22 price pattern - a bullish engulfing candle - signals the end of a recent corrective phase. An extension higher would open the short-term bull trigger at 1.3595, the Aug 14 high. Clearance of this level would signal scope for a climb towards 1.3636, 76.4% of the bear leg between Jul 1 and Aug 1. Key short-term support is 1.3391, the Aug 22 low.
