EUROZONE T-BILL ISSUANCE: W/C January 6, 2025
Italy is due to sell bills this week, whilst Germany, the Netherlands, France, Spain, Belgium, Finland, the ESM, and the EU have already issued bills. We expect issuance to be E37.2bln in first round operations, up from E0.5bln last week.
- Tomorrow, Italy will issue E8.0bln of the new 12-month Jan 14,2026 BOT.
For more on future auctions see the full MNI Eurozone/UK T-bill auction calendar here.
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EURGBP TECHS: Monitoring Support
- RES 4: 0.8464 High Sep 11 and a key resistance
- RES 3: 0.8448 High Oct 31 and reversal trigger
- RES 2: 0.8404 76.4% retracement of the Oct 31 - Nov 11 bear leg
- RES 1: 0.8341/76 50-day EMA / High Nov 19 and a bull trigger
- PRICE: 0.8280 @ 06:36 GMT Dec 10
- SUP 1: 0.8260 Low Nov 11 and the bear trigger
- SUP 2: 0.8250 Low Apr 14 ‘22
- SUP 3: 0.8203 Low Mar 7 2022 and a major support
- SUP 4: 0.8200 Round number support
EURGBP is trading just above its recent lows and ahead of a key short-term support at 0.8260, the Nov 11 low. Attention remains on a bullish engulfing candle pattern on Nov 12, that highlights a possible reversal. Key short-term resistance and a bull trigger is 0.8376, the Nov 19 high. On the downside, a break of 0.8260 would cancel the candle pattern and confirm a resumption of the downtrend. This would open 0.8203, the Mar 7 ‘22 low and major support.
SCHATZ TECHS: (H5) Corrective Cycle
- RES 4: 107.592 1.236 proj of the Nov 18 - 22 - 26 price swing
- RES 3: 107.505 1.000 proj of the Nov 18 - 22 - 26 price swing
- RES 2: 107.480 High Dec 2 / 3 and the bull trigger
- RES 1: 107.385 High Dec 4
- PRICE: 107.220 @ 06:07 GMT Dec 10
- SUP 1: 107.110 Low Dec 6
- SUP 2: 107.045 Low Nov 22
- SUP 3: 106.960 Low Nov 20
- SUP 4: 106.920 Low Nov 18
Recent gains in Schatz futures highlighted a continuation of the uptrend that started late October. A bullish theme remains intact and the latest move down appears to be a correction. The short-term bull trigger has been defined at 107.480, the Dec 2 and 3 high. Clearance of this level would open 107.505 and 107.592, Fibonacci projection points. Initial support lies at 107.110, last Friday’s low. A break of it would signal scope for a deeper retracement.
GBPUSD TECHS: Corrective Cycle Still In Play
- RES 4: 1.3048 High Nov 6 and a key resistance
- RES 3: 1.2961 50.0% retracement of the Sep 26 - Nov 22 bear leg
- RES 2: 1.2833 50-day EMA
- RES 1: 1.2811 High Dec 6
- PRICE: 1.2760 @ 06:24 GMT Dec 10
- SUP 1: 1.2617/2487 Low Dec 2 / Low Nov 22 and the bear trigger
- SUP 2: 1.2446 Low May 9
- SUP 3. 1.2367 76.4% retracement of the Oct 4 ‘23 - Sep 26 uptrend
- SUP 4: 1.2300 Low Apr 22 and a key support
GBPUSD is trading closer to its most recent highs. The latest climb is considered corrective and this has allowed an oversold trend condition to unwind. The pair has breached the 20-day EMA, signalling scope for a stronger recovery. The next resistance to watch is 1.2833, the 50-day EMA. The medium-term trend direction remains down, the bear trigger is 1.2487, the Nov 22 low.
