(H2) Corrective Cycle

• RES 4: 111.962 50-day EMA
• RES 3: 111.870 High Feb 3
• RES 2: 111.802 20-day EMA
• RES 1: 111.615 High Jan 4
• PRICE: 111.565 @ 04:53 GMT Feb 10
• 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 remain bearish and short-term gains are considered corrective. The Jan 31 sell-off resulted in a break of 111.890, Jan 19 low and a bear trigger. This confirmed a resumption and an acceleration of the downtrend. Moving average conditions remain bearish too. The focus is on 111.208 next, a Fibonacci projection. The Jan 4 high of 111.615 marks initial resistance.