US: White House Press Conference Underway Shortly
White House Press Secretary Kaoline Leavitt is shortly due to brief reporters at the White House, her first press conference of the week. According to the White House press pool, Leavitt will be joined at the podium by, "Senior White House Officials". LIVESTREAM
- The presser, likely to bring more market-moving headlines, comes amid another week of consequential executive actions from US President Donald Trump, including a major diplomatic pivot to restore relations with Russia.
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EURUSD TECHS: Pierces Trendline Resistance
- RES 4: 1.0630 High Dec 06
- RES 3: 1.0568 High Dec 10
- RES 2: 1.0461 50-day EMA
- RES 1: 1.0437 High Jan 6
- PRICE: 1.0400 @ 15:58 GMT Jan 21
- SUP 1: 1.0260/0178 Low Jan 15 / 13 and the bear trigger
- SUP 2: 1.0138 1.764 proj of the Sep 25 - Oct 23 - Nov 5 price swing
- SUP 3: 1.0097 2.0% 10-dma envelope
- SUP 4: 1.0031 2.000 proj of the Sep 25 - Oct 23 - Nov 5 price swing
The latest recovery in EURUSD appears corrective, however, the pair has breached the 20-day EMA, at 1.0346, and pierced trendline resistance at 1.0393, drawn from the Sep 30 ‘24 high. A clear breach of the line would expose the 50-day EMA at 1.0461. Clearance of this average would strengthen a bullish condition. Key support and the bear trigger is at 1.0178, the Jan 13 low. The medium-term trend condition remains bearish.
US STOCKS: Gains Extend With Trump Infrastructure Speech Eyed
- ESH5 has extended gains to 6082.25, pushing above Monday’s post-WSJ ‘no tariffs on day one report’ high with attention on President Trump’s infrastructure speech due at 1600ET.
- Recent reporting by CBS concerning AI investment linked to OpenAI, Softbank and Oracle has seen strong gains for Oracle and Softbank ADRs.
- Next resistance is seen at 6107.50 (Dec 26 high) after which lies 6163.75 (Dec 16 high). Support meanwhile isn’t seen until 5961.75 (Jan 16 low).
OPTIONS: Upside Remains Prevalent In European Rates
Tuesday's Europe rates/bond options flow included:
- OEH5 116.50/117.50^, bought for 54.5 in 3k.
- ERM5 98.00/98.50 1x2 call spread paper paid 2.5 on 2.5K.
- ERM5 97.75/98.50 RR, bought the put for 12 in 10k (ref 97.735, 52%d)
- ERM5 97.75/98.00cs 1x2, bought for 4.5 in 2.5k.
- ERM5 97.75/98.125cs 1x1.5, bought for 9.25 in 6k
- ERM5 97.87/98.00/98.12/98.25c condor, bought for 3.5 in 30k.
- SFIU5 95.90/96.25/96.60c fly, bought for 7 in 10k.
