ICE EUA FUTURES TECHS: (Z5) Bullish Trend Structure
- RES 4: €88.55 - 1.382 proj of the Dec 17 - Jan 3 - Jan 9 price swing
- RES 3: €86.75 - 1.236 proj of the Dec 17 - Jan 3 - Jan 9 price swing
- RES 2 €85.00 - Round number resistance
- RES 1: €84.50 - High Jan 30
- PRICE: €81.98 @ 13:17 GMT Feb 7
- SUP 1: €79.62 - 20-day EMA
- SUP 2: €75.80 - 50-day EMA
- SUP 3: €71.55 - Low Sep 9
- SUP 4: €67.36 - Low Dec 23
A bull cycle in ICE EUA futures remains intact and the latest pullback appears corrective. Recent gains maintain the price sequence of higher highs and higher lows. Furthermore, moving average studies are in a bull-mode position highlighting a dominant uptrend. The focus is on a climb towards €86.75, the 1.236 projection of the Dec 17 - Jan 3 - Jan 9 price swing. A key short-term support lies at €79.62, the 20-day EMA.
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BONDS: Off Lows On U.S. Inputs, Gilts Still Lead The Sell Off
Spillover from Tsys allows bonds to stabilise as comments from Fed Governor and U.S. ADP employment data come down on the dovish side.
- German yields still higher across the curve on the day (0.5-3.5bp), bear steepening.
- Gilts continue to lead the weakness in wider core global FI markets, yields 6.5-10.5bp higher vs. yesterday’s close, with the 10- to 30-Year zone leading the sell off.
EGBS: Wider Against Broader Bond Weakness
Tariff risks and weakness in wider core global FI markets make themselves felt in EGB spreads over the last ~90 minutes.
- OATs and PGBs widen the most against this backdrop.
- Nothing in the way of meaningful range breaks across the major spreads that we monitor.
EURIBOR OPTIONS: Call fly strip
0RK5/0RM5 98/98.25/98.37 broken c fly strip, bought for 10.75 in 2k.
