(H2) Remains Vulnerable

• RES 4: 112.120 High Dec 27
• RES 3: 112.080 High Jan 5
• RES 2: 112.015/020 20-day EMA / High Jan 13 / 14
• RES 1: 111.950 Congestion area between Jan 17 - 19
• PRICE: 111.935 @ 05:40 GMT Jan 20
• SUP 1: 111.890 Low Jan 19
• SUP 2: 112.861 1.618 proj of the Nov 26 - Dec 16 - 20 price swing
• SUP 3: 111.824 3.0% Lower Bollinger Band
• SUP 4: 111.800 Round number support

Trend conditions in Schatz futures remain bearish. This week’s weakness has resulted in a break of support at 111.935, the Jan 11 low and bear trigger. The move confirms a resumption of the broader downtrend and maintains a bearish price sequence of lower lows and lower highs. Attention is on 111.890 next, a Fibonacci projection. On the upside, initial firm resistance is seen at 112.020, the Jan 13 / 14 high. A break is required to ease bearish pressure.