(H2) Bearish Focus

• RES 4: 111.996 50-day EMA
• RES 3: 111.870 High Feb 3
• RES 2: 111.857 20-day EMA
• RES 1: 111.615 High Jan 4
• PRICE: 111.440 @ 05:17 GMT Feb 8
• SUP 1: 111.250/208 Low Feb 7 / 2.50 proj of Dec 20-Jan 19-24 swing
• SUP 2: 111.185 Low Jun 26, 2015 (cont)
• SUP 3: 111.140 Low Jun 11, 2015 (cont)
• SUP 4: 111.090 Low Jun 10, 2015 (cont)

Schatz futures sold off sharply last week as the downtrend accelerated. Bears remain firmly in control despite yesterday’s bounce off the day low. The Jan 31 sell-off resulted in a break of 111.890, Jan 19 low and a bear trigger. This confirmed a resumption of the downtrend. Moving average conditions remain bearish too. The focus is on 111.208 next, a Fibonacci projection. Friday’s high of 111.615 marks initial resistance.