GERMANY: Greens-No Progress On Debt Brake Talks, Bundestag Meets @ 1200CET

• RES 4: 155.89 High Feb 3  
• RES 3: 154.70 50-day EMA 
• RES 2: 153.72 Low Jan 27   
• RES 1: 152.89 High Jan 6       
• PRICE: 151.93 @ 08:26 GMT Feb 11
• SUP 1: 150.93 Low Feb 07
• SUP 2: 149.69 Low Dec 9 
• SUP 3: 148.65 Low Dec 3 ‘24 and a key support 
• SUP 4: 148.01 Low Oct 9 ‘24     

A bearish theme in USDJPY remains intact and last week’s move down reinforces current conditions. 151.06, 76.4% of the Dec 3 - Jan 10 bull leg, has been pierced. A clear break of it would open 149.69, the Dec 9 low. Firm resistance is seen at 154.70, the 50-day EMA. Note that the pair has entered oversold territory. A recovery would be considered corrective and would allow the oversold condition to unwind.

• 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: 0.8349 @ 08:25 GMT Feb 11 
• 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 gains last week appear to have undermined a recent bearish threat, however, the pullback from last Thursday’s high does highlight a developing bearish threat, once again. 0.8378, the Jan 6 high, has been defined as a ley short-term resistance. Clearance of it would strengthen a bullish condition and signal scope for a stronger recovery. For bears, a continuation lower would open 0.8248, the Feb 3 low and bear trigger.    

• RES 4: 1.2667 High Dec 19
• RES 3: 1.2610 38.2% retracement of the Sep 26 ‘24 - Jan 13 bear leg   
• RES 2: 1.2576 High Jan 7 
• RES 1: 1.2550 High Feb 5
• PRICE: 1.2348 @ 08:22 GMT Feb 11
• SUP 1: 1.2333/2249 Low Feb 11 / Jan 3   
• SUP 2: 1.2161 Low Jan 17 / 20
• SUP 3: 1.2100 Low Jan 10 and the bear trigger 
• SUP 4: 1.2087 0.764 proj of the Sep 26 - Nov 22 - Dec 6 price swing    

GBPUSD is fading further off the Feb 5 high. The pair has recently traded above the 20- and 50-day EMAs, and pierced 1.2523, the Jan 27 high. A resumption of gains would signal scope for a move towards 1.2610, a Fibonacci retracement. On the downside, key short-term support to watch has been defined at 1.2249, the Jan 3 low. Clearance of this level would instead highlight a reversal and strengthen a bearish threat.