ENERGY: US Oil and Gas Rigs Up 1 on Week at 593: Baker Hughes

• RES 4: 1.0696 50.0% retracement of the Sep 25 - Jan 13 bear leg 
• RES 3: 1.0630 High Dec 06
• RES 2: 1.0574 38.2% retracement of the Sep 25 - Jan 13 bear leg
• RES 1: 1.0533 High Jan 27
• PRICE: 1.0438 @ 16:26 GMT Jan 29
• SUP 1: 1.0392 20-day EMA  
• SUP 2: 1.0260 Low Jan 15 
• SUP 3: 1.0178 Low Jan 13 and the bear trigger 
• SUP 4: 1.0138 1.764 proj of the Sep 25 - Oct 23 - Nov 5 price swing  

EURUSD has pulled back from its recent highs but for now, remains in a short-term bull cycle - a correction. The pair has pierced the 50-day EMA, at 1.0459. A clear break of the average would strengthen short-term bullish conditions and signal scope for a continuation higher near-term. Sights are on 1.0574, a Fibonacci retracement point. Initial support to watch remains the 1.0392, the 20-day EMA. A move through the EMA would signal a possible reversal.   

• 7,500 TYK5 112 calls, 23 vs. 108-31.5/0.13% at 1248:36ET

Wednesday's Europe rates/bond options flow included:

• ERM5 98.12/98.25cs, bought for half in 79.5k total. (Said to be some positioning.)
• ERM5 98.00/98.12/98.25c fly, bought for 1.25 in 20k
• ERM5 98.25/98.37 call spread paper paid 0.25 on 10K.
• ERM5 97.75/97.875/98.00c fly vs 98.00/98.125/98.25/98.375c condor, bought the condor for 0.25 in 8k.
• ERM5 97.875/98.00/98.125/98.25c condor vs 97.5625/97.4375ps, bought the condor for 0.75 in 2k.
• ERM5 97.8125/97.9375cs, sold at 3.75 in 4
• SFIM5 96.00/96.50/97.00c fly sold at 4.5 down to 4.25 in 2.5k