EUROZONE T-BILL ISSUANCE: W/C February 10, 2025
France, Spain, Belgium, Finland and Italy have all issued this week. Issuance was E22.2bln in first round operations, down from E25.8bln last week.
For more on future auctions see the full MNI Eurozone/UK T-bill auction calendar here.
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EUROSTOXX50 TECHS: (H5) Support Remains Intact
- RES 4: 5097.00 High Oct 14
- RES 3: 5080.00 High Oct 15
- RES 2: 5068.13 0.764 proj of the Nov 21 - Dec 9 - 20 price swing
- RES 1: 5054.00 High Jan 8
- PRICE: 5000.00 @ 06:18 GMT Jan 15
- SUP 1: 4939.33/4876.00 50-day EMA / Low Jan 3
- SUP 2: 4829.00 Low Dec 20 and key short-term support
- SUP 3: 4800.87 76.4% retracement of the Nov 21 - Dec 9 bull cycle
- SUP 4: 4775.00 Low Nov 29
A bull cycle in the Eurostoxx 50 futures contract remains intact and the latest pullback appears corrective. Initial support is at 4939.33, the 50-day EMA. It has been pierced, a clear break of this EMA would undermine a bullish theme and signal scope for a deeper retracement. For bulls, resistance at 5040.00, Dec 9 high, has recently been pierced. Clearance of it would resume the bull cycle that started on Nov 21 and open 5068.13, a Fibonacci projection.
EURGBP TECHS: Trades Through Resistance
- RES 4: 0.8530 76.4% retracement of the Aug 8 - Dec 19 downleg
- RES 3: 0.8494 High Aug 26 ‘24
- RES 2: 0.8471 61.8% retracement of the Aug 8 - Dec 19 downleg
- RES 1: 0.8451 High Jan 14
- PRICE: 0.8439 @ 06:28 GMT Jan 15
- SUP 1: 0.8385 Low Jan 14
- SUP 2: 0.8325/8284 50-day EMA / Low Jan 8
- SUP 3: 0.8263 Low Dec 31
- SUP 4: 0.8223 Low Dec 19
EURGBP maintains a firmer tone and the cross traded higher Tuesday. The latest recovery undermines the recent bearish theme and suggests scope for a stronger short-term recovery. 0.8376, the Nov 19 high and a key resistance, has been cleared. Note too that 0.8448, the Oct 31 high, has been pierced, a clear break of this hurdle would strengthen the bullish theme. Support at the 50-day EMA is at 0.8325.
SCHATZ TECHS: (H5) Trend Needle Points South
- RES 4: 107.065 High Jan 2
- RES 3: 106.965 High Jan 3
- RES 2: 106.835 20-day EMA
- RES 1: 106.650/785 High Jan 10 / 6
- PRICE: 106.470 @ 06:01 GMT Jan 15
- SUP 1: 106.435 Low Jan 14
- SUP 2: 106.375 Low Oct 31 (cont) and a key support
- SUP 3: 106.342 2.764 proj of the Dec 2 - 6 - 12 price swing
- SUP 4: 106.255 3.000 proj of the Dec 2 - 6 - 12 price swing
The current bear cycle in Schatz futures remains intact and recent weakness, including fresh cycle lows this week, reinforce this theme. The move down confirms a resumption of the bear leg and sights are on 106.375 next, the Oct 31 ‘24 low (cont). Firm resistance is seen at 106.835, the 20-day EMA. Short-term gains would be considered corrective and allow an oversold condition to unwind.
