WHITE HOUSE: White House Press Conference Beginning Shortly

• RES 4: 1.0936 High Apr 21 and a key resistance
• RES 3: 1.0852 High Apr 22
• RES 2: 1.0681/0758 20-day EMA / Low Apr 14 - recent breakout level
• RES 1: 1.0655 High Apr 27
• PRICE: 1.0555 @ 16:51 BST May 9
• SUP 1: 1.0472/54 Low Apr 28 and the bear trigger / Low Jan 1 2017
• SUP 2: 1.0390 Low Jan 4 2017
• SUP 3: 1.0341 Low Jan 3 2017 and a key support
• SUP 4: 1.0333 1.236 proj of the Feb 10 - Mar 7 - 31 price swing

EURUSD remains inside its recent range and the outlook remains bearish. The failure to hold on to recent gains highlights a shallow correction and the current consolidation appears to be a bear flag formation - a bearish continuation pattern. Moving average studies are in a bear mode condition, highlighting the current downtrend. A resumption of weakness would open 1.0454, the Feb 22 2017 low. Watch resistance at 1.0681, the 20-day EMA.

Monday's Europe rates / bond options flow included:

• ERZ2 99.62/99.75/99.875c fly, was sold at 0.75 in 3k
• SFIM2 98.55/98.70/98.85c fly, sold at 5.75 in 1k

14:45 ET 19:45 BST: US President Joe Biden will sign into the law the bill to revive the Second World War era 'lend-lease' programme. The law will allow for expedition of military equipment to Ukraine and passed the House 417-10 last month.

• Comes as a stalemate continues in Congress over a USD$33 billion aid package for Ukraine, requested by the White House last month.
• House Speaker Nancy Pelosi (D-CA): 'We are very current on the needs and the urgency and, again, we will have bipartisanship as we go forward with it.'
• Rep. Pete Sessions (R-TX) on Ukraine and COVID-19 funding: 'Both of these are important issues and both need a vote but they are not and should not be tied together.'
• Politico: 'There's been little indication of either side caving here. Without either Dems or the GOP giving ground, there's no apparent quick way for the Ukraine aid to hit President Joe Biden's desk.'