(Z17) 111.890 Break Opens Up Further...>

SCHATZ TECHS: (Z17) 111.890 Break Opens Up Further Corrective Potential

*RES 4: 112.000 Jan 3, Jan 9 highs, 38.2% of 112.240-111.850

*RES 3: 111.960 Hourly basing area Jan 9-10

*RES 2: 111.940 Jan 4, Jan 8 lows, now resistance

*RES 1: 111.920 Hourly resistance

*PRICE: 111.900 @1632GMT

*SUP 1: 111.850/860 Hourly support

*SUP 2: 111.830 Jan 12 low

*SUP 3: 111.800/810 0.1% volatility band, Jun 28 low

*SUP 4: 111.750 1.618 swing of 111.850-112.000

*COMMENTARY* December's fall from 112.240, culminated in a drop to 111.850,

before regaining some ground. This saw resistance from 112.000, the 38.2% Fibo

retrace level, as the near term barrier to any further recovery. Failure to

return above here swiftly saw the bias return to the downside, a drop to

111.830, the lower 0.1% volatility band at the time, last Friday. Resistance

from 111.890 has been breached, this can revive upside corrective hopes.