EUROZONE T-BILL ISSUANCE: W/C 3 March, 2025
Germany, the Netherlands, France, Spain, Belgium, the ESM, Greece and the EU already held auctions this week. Issuance was E26.7bln in first round operations, up from E18.8bln last week.
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EUROSTOXX50 TECHS: (H5) Short-Term Reversal Highlights A Correction
- RES 4: 5381.13 1.764 proj of the Nov 21 - Dec 9 - 20 price swing
- RES 3: 5335.43 1.618 proj of the Nov 21 - Dec 9 - 20 price swing
- RES 2: 5327.00 High Jan 31 and the bull trigger
- RES 1: 5245.00 Intraday high
- PRICE: 5215.00 @ 06:20 GMT Feb 4
- SUP 1: 5112.00 Low Jan 3
- SUP 2: 5056.82 50-day EMA
- SUP 3: 4991.00 Low Jan 15
- SUP 4: 4931.00 Low Jan 13 and a key short-term support
A sharp reversal lower in the Eurostoxx 50 futures contract on Monday signals the end of the recent bull run - for now - and the start of a corrective cycle. Price gapped lower and traded through the 20-day EMA, at 5159.26. A continuation of the bear leg would pave the way for a move towards the 50-day EMA, at 5056.82. On the upside, key resistance and the bull trigger has been defined at 5327.00, the Jan 31 high.
EURGBP TECHS: Bearish Threat
- RES 4: 0.8474 High Jan 20 and a key resistance
- RES 3: 0.8421 High Jan 27
- RES 2: 0.8374 20-day EMA
- RES 1: 0.8363 High Jan 3
- PRICE: 0.8305 @ 06:30 GMT Feb 4
- SUP 1: 0.8248 Low Feb 3
- SUP 2: 0.8223 Low Dec 19 and a key support
- SUP 3: 0.8203 Low Mar 7 ‘22 and a lowest point of a multi-year range
- SUP 4: 0.8163 123.6% retracement of the Dec 19 - Jan 20 bull leg
EURGBP traded in a volatile manner on Monday. The bear cycle that started Jan 20 remains in play and Monday’s initial sell-off has strengthened a bearish threat. A resumption of weakness would pave the way for a move towards the first key support at 0.8223, the Dec 19 low. On the upside, the 20-day EMA is seen as a key short-term resistance - at 0.8374. A breach of the average would highlight a bullish development.
SCHATZ TECHS: (H5) Clears Resistance
- RES 4: 107.233 76.4% retracement of the Dec 2 - Jan 15 bear leg
- RES 3: 107.170 High Dec 20
- RES 2: 107.081 61.8% retracement of the Dec 2 - Jan 15 bear leg
- RES 1: 107.045 High Jan 3
- PRICE: 106.890 @ 06:07 GMT Feb 4
- SUP 1: 106.805 Low Jan 3
- SUP 2: 106.703 20-day EMA
- SUP 3: 106.515 Low Jan 30
- SUP 4: 106.435 Low Jan 15 and key support
Schatz futures traded sharply higher Monday, marking an extension of the bull cycle that started Jan 15. The contract has traded through a number of important resistance points and the latest impulsive gains highlight a stronger reversal. The focus is on 107.081, a Fibonacci retracement point. On the downside, initial firm support to watch lies at 106.703, the 20-day EMA. First support is 106.805, Monday’s intraday low.
