EU CREDIT HEADLINE: ArcelorMittal: 2Q25 Results Headlines                

• RES 4: 122.71 2.764proj of the May 14 - 20 - 21 price swing
• RES 3: 122.35 2.500 proj of the May 14 - 20 - 21 price swing 
• RES 2: 122.00 Round number resistance
• RES 1: 121.73 High Jun 13 and the bull trigger 
• PRICE: 121.00 @ Close Jun 30 
• SUP 1: 119.91 Low May 29      
• SUP 2: 119.48 Low May 26 
• SUP 3: 118.87 Low May 21  
• SUP 4: 118.51 Low May 14 and key support 

The trend condition in BTP futures remains bullish and recent weakness appears corrective. Gains earlier this month reinforce a bull theme and maintain the price sequence of higher highs and higher lows. Sights are on the 122.00 handle next. Key support to watch is unchanged at 118.51, the May 14 low. A clear break of this level would highlight a reversal. First support is 119.91, the May 29 low. 

• RES 4: 94.15 2.000 proj of the May 22 - 27 - 29 price swing
• RES 3: 94.00 Round number resistance      
• RES 2: 93.73 1.764 proj of the May 22 - 27 - 29 price swing
• RES 1: 93.57/93.68 High Jun 25 / 13
• PRICE: 93.03 @ Close Jun 30
• SUP 1: 92.70 20-day EMA 
• SUP 2: 92.23 Low Jun 16 and a key short-term support 
• SUP 3: 91.56 Low Jun 9   
• SUP 4: 91.44 Low Jun 8        

A bull cycle in Gilt futures remains in play and recent weakness appears to have been a correction. Last week’s gains reinforce the current bullish theme. Key short-term support has been defined 92.23, the Jun 16 low. A break of this level is required to undermine a bull theme and signal scope for a deeper retracement. On the upside, sights are on 93.68, the Jun 13 high and bull trigger. 

• RES 4: 5486.00 High May 20 and a key bull trigger  
• RES 3: 5456.00 High Jun 11 
• RES 2: 5403.00 High Jun 12 
• RES 1: 5366.00 High Jun 30    
• PRICE: 5333.00 @ 06:43 BST Jul 1 
• SUP 1: 5194.00 Low Jun 23 and a bear trigger    
• SUP 2: 5182.00 Low May 2 
• SUP 3: 5100.94 38.2% retracement of the Apr 7 - May 20 bull leg
• SUP 4: 5078.00 Low Apr 30  

Trend signals in Eurostoxx 50 futures remain bearish, however, the recovery from the Jun 23 low appears to be a reversal and the contract is holding on to its most recent gains. Price has traded through the 20- and 50-day EMAs. A clear break of both averages would strengthen a reversal theme. This would open 5486.00, the May 20 high and bull trigger. On the downside, a breach of 5194.00, the Jun 23 low, would reinstate a bearish theme.