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GBPUSD

Bullish Price Sequence Intact

OPTIONS

Decent Flow In Schatz, Feb TYs

CANADA

USDCAD Moves Lower On Local Data

EURUSD TECHS

Trend Outlook Remains Bullish

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  • RES 4: 112.656 76.4% retracement of the Mar - Jun 2020 sell-off
  • RES 3: 112.600 Round number resistance
  • RES 2: 112.585 High Mar 17 2020 (cont)
  • RES 1: 112.515 High Nov 26
  • PRICE: 112.365 @ 05:14 GMT Dec 2
  • SUP 1: 112.354/112.286 20- and 50-day EMAs
  • SUP 2: 112.100 Low Nov 3
  • SUP 3: 112.050 Low Nov 2
  • SUP 4: 111.945 Low Oct 28 and major support

The Schatz futures outlook remains bullish despite this week’s pullback that is likely a correction. The contract recently probed resistance at 112.495, Nov 22 high. A clear breach would again confirm a resumption of the short-term uptrend from Oct 28 and pave the way for gains towards 112.585 next, Mar 17 2020 high (cont). MA conditions remain in bull mode, reinforcing the positive theme. Initial firm support lies at 112.288, the 50-day EMA.