EM CEEMEA CREDIT: MVMHU: bid for Romanian distribution network might be blocked

• RES 4: 6200.00 Round number resistance
• RES 3: 6184.00 1.000 proj of the Nov 4 - 11 - 19 price swing   
• RES 2: 6145.26 1.236 proj of the Aug 5 - Sep 3 - 6 price swing   
• RES 1: 6111.00 High Dec 6      
• PRICE: 6047.50 @ 07:26 GMT Dec 11
• SUP 1: 6017.78 20-day EMA      
• SUP 2: 5976.25/5924.48 Low Nov 26 / 50-day EMA 
• SUP 3: 5855.00 Low Nov 19  
• SUP 4: 5814.75 Low Nov 6

The S&P E-Minis contract maintains a bullish tone and the latest pullback is considered corrective. Recent gains confirm a resumption of the uptrend and signal scope for a continuation near-term. Note that moving average studies are in a bull-mode set-up, highlighting a dominant uptrend and positive market sentiment. Resumption of the uptrend would open 6145.26, a Fibonacci projection. Initial support to watch lies at 6017.78, the 20-day EMA.

The PBOC will coordinate more closely with Beijing's fiscal aims in 2025. On MNI Policy MainWire now, for more details please contact sales@marketnews.com

• While the Dollar was mixed against G10s going into the European session, the Greenback has seen a quick fast money broader base bid, seemed to have been triggered by a Reuters source piece, noting that Chinese authority are considering a weaker Yuan on Trump trade risks.
• The AUD is suffering the most within G10s, and has broken the 2024 low, the lowest print since the 13th November, with next support seen at 0.6339, the 11th Nov low.
• Further downside continuation in AUDUSD, would risk test down to the 2023 low of 0.6270.
• While the Aussie has bounced some 15 pips off the low, the NZDUSD is making an attempt at breaking the 0.5774 level, this is the 2023 low, and the lowest level since November 2022.
• The EUR and the Pound have seen similar push lower, but these have been more contained, and the EUR still trades within that 1.0500/1.0600 range so far this week, as the most traded Pair awaits the US CPI.
• Note that there's some decent option expiries this week in EURUSD within that 1.05/1.06 range, BUT next Monday really stand out, with 6.33bn vs 6.25bn Yesterday worth of expiries at 1.0600 on that day, likely the largest seen on a single strike in that pair.