Sample Category Title

Pivot (invalidation): 54.10

Our preference Short positions below 54.10 with targets at 52.80 & 52.00 in extension.

Alternative scenario Above 54.10 look for further upside with 54.80 & 55.30 as targets.

Comment A break below 52.80 would trigger a drop towards 52.00. Crude Oil validated a bearish breakout of triangle pattern.

Pivot (invalidation): 14.4300

Our preference Long positions above 14.4300 with targets at 14.5500 & 14.6200 in extension.

Alternative scenario Below 14.4300 look for further downside with 14.3800 & 14.3300 as targets.

Comment Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Pivot (invalidation): 1224.50

Our preference Long positions above 1224.50 with targets at 1230.00 & 1233.00 in extension.

Alternative scenario Below 1224.50 look for further downside with 1222.00 & 1219.50 as targets.

Comment A support base at 1224.50 has formed and has allowed for a temporary stabilisation.

Pivot (invalidation): 2670.00

Our preference Short positions below 2670.00 with targets at 2628.00 & 2600.00 in extension.

Alternative scenario Above 2670.00 look for further upside with 2688.00 & 2721.00 as targets.

Comment The RSI is bearish and calls for further downside.

Pivot (invalidation): 11200.00

Our preference Short positions below 11200.00 with targets at 11120.00 & 11050.00 in extension.

Alternative scenario Above 11200.00 look for further upside with 11260.00 & 11320.00 as targets.

Comment The RSI shows downside momentum.

Pivot (invalidation): 5.2730

Our preference Long positions above 5.2730 with targets at 5.3250 & 5.3450 in extension.

Alternative scenario Below 5.2730 look for further downside with 5.2460 & 5.2190 as targets.

Comment The RSI calls for a rebound.

Pivot (invalidation): 0.7260

Our preference Short positions below 0.7260 with targets at 0.7235 & 0.7220 in extension.

Alternative scenario Above 0.7260 look for further upside with 0.7275 & 0.7300 as targets.

Comment A break below 0.7235 would trigger a drop towards 0.7220.

Eurozone PMI manufacturing dropped to 51.5 in November, down from 52.0, missed expectation of 52.0. That's the lowest reading in 30 months. PMI services dropped to 53.1, down from 53.7 and missed expectation of 53.6. That's the lowest reading in 25 months. PMI composite dropped to 52.4, down from 53.1, lowest in 47 months.

Commenting on the flash PMI data, Chris Williamson, Chief Business Economist at IHS Markit said:

"The cooling of Eurozone business growth to a four-year low adds to signs that the economy faces a disappointing end of the year.

"Manufacturing remains the main area of weakness, linked in part to having been hit hard once again by deteriorating exports. The slowdown is also being temporarily exacerbated by persistent disappointing car sales. However, November also brought further signs that the manufacturing-led slowdown is spilling over to services, as consumer and corporate demand was often reported to have weakened in the face of headwinds such as rising political uncertainty, tighter financial conditions and higher prices.

"As such, the survey data suggest that the weakness of GDP in the third quarter may not have been a blip, and that the underlying trend is one of slower economic growth. The PMI readings so far in the fourth quarter are indicative of 0.3% GDP growth, with forward-looking indicators such as new orders and future expectations remaining worryingly subdued.

"Although the elevated levels of the survey price gauges will give some encouragement to the ECB in relation to firmer inflationary pressures, the disappointing business activity readings will add to concerns that risks to the growth outlook have become increasingly skewed to the downside."

Full release here.

Germany PMI manufacturing dropped to 51.6 in November, down from 52.2 and missed expectation of 52.2. That's the lowest level in 32 months. PMI services dropped to 53.3, down from 54.7 and missed expectation of 54.5. PMI composite dropped to 52.2, down from 53.4, hit a 47-month low.

Commenting on the flash PMI data, Phil Smith, Principal Economist at IHS Markit said:

"The Germany PMI continued to trend downwards in November, pointing to a sustained loss of underlying growth momentum in the euro area's largest member state.

"The survey data revealed that weakness in external markets continued to act as a restraining factor on performances across the private sector economy. Amid reports of falling sales to China, Italy and Turkey, manufacturers recorded the steepest monthly drop in new exports orders for almost six years, while service providers also noted a reduction in demand from non-domestic-based clients.

"A solid rate of job creation was one of few bright spots, though even here the data are showing a lesser appetite for hiring new staff amid weaker business confidence and signs of less pressure on capacity."

Full release here.

Pivot (invalidation): 1.3215

Our preference Short positions below 1.3215 with targets at 1.3175 & 1.3150 in extension.

Alternative scenario Above 1.3215 look for further upside with 1.3240 & 1.3270 as targets.

Comment As Long as the resistance at 1.3215 is not surpassed, the risk of the break below 1.3175 remains high.