OIL PRODUCTS: Oil Products End of Day Summary: Gasoline Cracks Climb

• Treasury futures bounce briefly but remain weaker after $58B 3Y note auction (91282CMN8) 1.2bp stop, drawing 4.300% high yield vs. 4.312% WI; 2.79x bid-to-cover vs. 2.62x prior.
• Peripheral stats see indirect take-up climbs to 74.00% vs. 60.98% prior; direct bidder take-up 15.82% from 19.67% prior; primary dealer take-up 10.18% vs. 19.36% prior.
• The next 3Y auction is tentatively scheduled for March 11.

• US TSY 3Y NOTE AUCTION: HIGH YLD 4.300%; ALLOTMENT 41.59%
• US TSY 3Y NOTE AUCTION: DEALERS TAKE 10.18% OF COMPETITIVES
• US TSY 3Y NOTE AUCTION: DIRECTS TAKE 15.82% OF COMPETITIVES
• US TSY 3Y NOTE AUCTION: INDIRECTS TAKE 74.00% OF COMPETITIVES
• US TSY 3Y AUCTION: BID/CVR 2.79

• RES 4: 1.0630 High Dec 6   
• RES 3: 1.0594 Dec 9 ‘24
• RES 2: 1.0533 High Jan 27 and a reversal trigger
• RES 1: 1.0435/42 50-day EMA / High Feb 5 
• PRICE: 1.0349 @ 16:09 GMT Feb 11 
• SUP 1: 1.0272/0141 Low Feb 4 / 3 and the bear trigger., 
• SUP 2: 1.0138 1.764 proj of the Sep 25 - Oct 23 - Nov 5 price swing
• SUP 3: 1.0031 2.00 proj of the Sep 25 - Oct 23 - Nov 5 price swing 
• SUP 4: 0.9947 76.4% of the Sep 28 ‘22 - Jul 18 ’23 bull leg 

EURUSD prices are improving, but continue to trade below last week’s highs. Attention is on a bullish candle formation on Feb 3 - a hammer - that signals a possible reversal. However, additional reinforcing price evidence is required to signal a turn in the trend. MA studies are in a bear-mode position, highlighting a dominant downtrend. 1.0435, the 50-day EMA, marks a key resistance. A clear break of it would be a bullish development. The bear trigger is 1.0141, the Feb 3 low.