(H2) Trend Needle Still Points South

• RES 4: 112.265 High Dec 20
• RES 3: 112.185 High Dec 22
• RES 2: 112.070/145 High Jan 27 / High Jan 24 and key resistance
• RES 1: 111.925/112.020 High Feb 1 / High Jan 31
• PRICE: 111.875 @ 05:15 GMT Feb 2
• SUP 1: 111.824 1.764 proj of the Nov 26 - Dec 16 - 20 price swing
• SUP 2: 111.800 Round number support
• SUP 3: 111.770 Low Dec 13, 2018 (cont)
• SUP 4: 111.706 2.236 proj of the Nov 26 - Dec 16 - 20 price swing

Schatz futures traded lower again yesterday. Monday’s sell-off resulted in a break of support at 111.890, the Jan 19 low and bear trigger. This brings to an end the recent corrective cycle and confirms a resumption of the underlying downtrend. The move lower opens 111.824, a Fibonacci projection and the 111.800 handle. On the upside, initial resistance is seen at Monday’s high of 112.020 and key resistance is at 112.145, the Jan 24 high.