EM CEEMEA CREDIT: MNI EM Credit Market Wrap - CEEMEA (23 Apr)

• RES 4: 5970.87 61.8% retracement of the Feb 19 - Mar 13 bear leg  
• RES 3: 5929.04 50-day EMA  
• RES 2: 5864.25 Low Jan 13 and a recent breakout level
• RES 1: 5808.00 Intraday high                   
• PRICE: 5803.50 @ 14:41 GMT Mar 24  
• SUP 1: 5650.75/5559.75 Low Mar 18 / 13 and the bear trigger                  
• SUP 2: 5483.50 2.00 proj of the Dec 6 ‘24 - Jan 13 - Feb 19 swing 
• SUP 3: 5396.00 2.236 proj of the Dec 6 ‘24 - Jan 13 - Feb 19 swing
• SUP 4: 5341.87 2.382 proj of the Dec 6 ‘24 - Jan 13 - Feb 19 swing          

The trend condition in S&P E-Minis is bearish and the latest recovery appears corrective. MA studies are unchanged - they remain in a bear-mode set-up, highlighting a dominant downtrend. However, today’s gains have resulted in a breach of the 20-day EMA, at 5801.77. This signals scope for a continuation higher near-term - towards 5864.25, the Jan 13 low. A reversal lower would refocus attention on 5559.75, the Mar 13 low and bear trigger.

• RES 4: 0.8530 76.4% retracement of the Aug 8 - Dec 19 ‘24 bear leg         
• RES 3: 0.8494 High Aug 26 ‘24 
• RES 2: 0.8474 High Jan 20 and a key resistance
• RES 1: 0.8428/8450 High Mar 18 / 11 and the bull trigger     
• PRICE: 0.8378@ 06:31 GMT Mar 24 
• SUP 1: 0.8351/46 50-day EMA and pivot support / Intraday low      
• SUP 2: 0.8321 61.8% retracement of the Mar 3 - 11 bull leg 
• SUP 3: 0.8391 76.4% retracement of the Mar 3 - 11 bull leg 
• SUP 4: 0.8241 Low Mar 3 and a key support 

EURGBP remains in a retracement mode. The cross has recently breached 0.8369, the Mar 14 low, and attention is on the 50-day EMA, at 0.8351. The average marks a key short-term pivot level. It has been pierced, a clear break would undermine the recent bull theme and signal scope for a deeper pullback, towards 0.8321, a Fibonacci retracement. Key resistance and the bull trigger is 0.8450, the Mar 11 high.

• -12,000 FFN5 95.86, post time bid at 1038:41ET