GBPUSD TECHS: Bull Trend Remains Intact
* RES 4: 1.3175 High Oct 4 2024 * RES 3: 1.3119 76.4% retracement of the Sep 26 '24 - Jan 13 bear le...
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EUROSTOXX50 TECHS: (H5) Fresh All-Time Contract High
- RES 4: 5574.57 2.382 proj of the Nov 21 - Dec 9 - 20 ‘24 price swing
- RES 3: 5552.90 2.764 proj of the Dec 20 ‘24 - Jan 8 - 13 price swing
- RES 2: 5528.87 2.236 proj of the Nov 21 - Dec 9 - 20 ‘24 price swing
- RES 1: 5525.00/5533.00 March ‘00 all-time high (cont) / High Feb 14
- PRICE: 5496.00 @ 06:01 GMT Feb 17
- SUP 1: 5371.00/5304.02 Low Feb 12 / 20-day EMA
- SUP 2: 5158.00 50-day EMA
- SUP 3: 4991.00 Low Jan 15
- SUP 4: 4931.00 Low Jan 13 and a key short-term support
The trend needle in Eurostoxx 50 futures continues to point north. The move higher last week confirms once again, a resumption of the uptrend that started on Nov 21 ‘24. Moving average studies are in a bull mode set-up too, highlighting a dominant uptrend. A major resistance at 5525.00, the March 2000 all-time high (cont), has been pierced. A clear break of it would highlight a key bullish technical breach. Support to watch is 5304.02, the 20-day EMA.
LOOK AHEAD: Eurozone Timeline of Key Events (GMT Times)
| Date | Time | Country | Event |
| 17-Feb | 1000 | EU | Trade Balance |
| 17-Feb | EU | ECB's Lagarde and Cipolllone in Eurogroup meeting | |
| 18-Feb | 745 | FR | HICP (f) |
| 18-Feb | 1000 | DE | ZEW Current Expectations Index |
| 18-Feb | EU | ECB's De Guindos in ECOFIN meeting | |
| 18-Feb | 1400 | EU | ECB's Cipollone in MNI Connect Event on Balance Sheet |
| 19-Feb | 900 | EU | EZ Current Account |
| 19-Feb | 1000 | EU | Labour costs |
| 20-Feb | 700 | DE | PPI |
| 20-Feb | 1000 | EU | Construction Production |
| 20-Feb | 1500 | EU | Consumer Confidence Indicator (p) |
| 21-Feb | 745 | FR | Manufacturing Sentiment |
| 21-Feb | 815 | FR | S&P Global Flash PMI |
| 21-Feb | 830 | DE | S&P Global Flash PMI |
| 21-Feb | 900 | IT | HICP (f) |
| 21-Feb | 900 | EU | S&P Global Flash PMI |
| 21-Feb | 1430 | EU | ECB's Lane Speech at FIW-Research Conference |
EURGBP TECHS: Pivot Resistance Remains Intact
- RES 4: 0.8474 High Jan 20 and a key resistance
- RES 3: 0.8420 76.4% retracement of the Jan 20 - Feb 3 bear leg
- RES 2: 0.8388 61.8% retracement of the Jan 20 - Feb 3 bear leg
- RES 1: 0.8378 High Jan 6
- PRICE: 0.8333 @ 06:11 GMT Feb 17
- SUP 1: 0.8297/8248 Low Feb 4 / 3 and a bear trigger
- SUP 2: 0.8223 Low Dec 19 and a key support
- SUP 3: 0.8203 Low Mar 7 ‘22 and a lowest point of a multi-year range
- SUP 4: 0.8163 123.6% retracement of the Dec 19 - Jan 20 bull leg
EURGBP continues to trade in a range. The early February bounce still appears to have undermined a recent bearish threat. Attention is on 0.8378, the Jan 6 high and a key short-term pivot resistance. Clearance of it would strengthen a bullish condition and signal scope for a stronger recovery. For bears, a resumption of weakness would once again refocus attention on 0.8248, the Feb 3 low and bear trigger.
