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(H3) Bear Threat Remains Present

  • RES 4: 106.296 61.8% retracement of the Dec 2 - Jan 2 bear leg
  • RES 3: 106.130/106.155 High Feb 2 / High Jan 18 and bull trigger
  • RES 2: 105.978 50-day EMA
  • RES 1: 105.850 High Feb 7
  • PRICE: 105.665 @ 05:35 GMT Feb 10
  • SUP 1: 105.590 Low Feb 8
  • SUP 2: 105.548 76.4% retracement of the Jan 2 - 18 bull cycle
  • SUP 3: 105.480 Low Jan 3
  • SUP 4: 105.360 Low Jan 2 and key support

Schatz futures traded lower Wednesday and pierced support at 105.640, the Feb 1 low. A clear break of this level would strengthen the current bearish theme and signal scope for weakness towards 105.548, a Fibonacci retracement point. On the upside, key resistance has been defined at 106.130, the Feb 2 high and 106.155, the Jan 18 high. Clearance of this resistance zone would reinstate a bullish condition.

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