BUNDS: Extending Higher As Euro Equities Pullback, Gap to Resistance Narrows

• RES 4: 5606.00 3.000 proj of the Dec 20 ‘24 - Jan 8 - 13 price swing
• RES 3: 5574.57 2.382 proj of the Nov 21 - Dec 9 - 20 ‘24 price swing
• RES 2: 5562.16 2.0% 10-dma envelope   
• RES 1: 5555.00 Alltime high (cont), Feb 18            
• PRICE: 5548.00 @ 07:31 GMT Feb 19   
• SUP 1: 5445.00/5325.83 Low Feb 13 / 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 condition in Eurostoxx 50 futures remains bullish, with prices edging to a new alltime high on the continuation contract. The move higher last week confirmed 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. Support to watch is 5325.83, the 20-day EMA.

ERM5 97.9375c, sold at 4.75 in 10k (ref 97.825)

• As noted for multi cross assets overnight and in early trade, it seems that all markets, Govies, Equities, Rates and also FX have all brushed aside the latest Trump Tariffs threat, some desks might look for more concrete expectations.
• The Dollar was down against all G10 overnight, the Kiwi was leading, up 0.44% despite the delivered expected 50bps cut and the RBNZ hinting at more easing.
• Post the EU Cash Govie Open, the picture in G10 is fairly unchanged, the Kiwi is still up 0.39%, and leading within G10s.
• Main upside area of interest is at 0.5750, the February high, and the best printed level since 18th December.
• The USDJPY is seeing another volatile session, but trades within this early Week wide 151.24/152.39 (low/high) range.