(H2) Needle Still Points South

• RES 4: 112.017 50-day EMA
• RES 3: 111.896 20-day EMA
• RES 2: 111.870 High Feb 3
• RES 1: 111.375/615 Intraday high / High Jan 4
• PRICE: 111.265 @ 05:30 GMT Feb 7
• SUP 1: 111.208 2.50 proj of the Dec 20 - Jan 19 - 24 price 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 and bears remain firmly in control. The contract is starting the week on a softer note, trading lower once again. The Jan 31 sell-off resulted in a break of 111.890, Jan 19 low and bear trigger. This confirmed a resumption of the downtrend. The focus is on 111.208 next, a Fibonacci projection. Yesterday’s high of 111.870 marks initial resistance