EU FINANCIALS: BBVA Chair Speaks on Bloomberg re. Sabadell Tender Offer Failure.
"*BBVA TO `MOVE ON,' CHAIRMAN TORRES SAYS *BBVA CHAIR SAYS PASSIVE FUNDS MAY NOT HAVE TENDERED AS EX...
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BRENT TECHS: (X5) Trading Below Resistance
- RES 4: $79.16 - 2.618 proj of the Apr 9 - 23 - May 5 price swing
- RES 3: $77.28 - 2.382 proj of the Apr 9 - 23 - May 5 price swing
- RES 2: $76.39 - High Jun 23 and a bull trigger
- RES 1: $69.53/71.93 - High Sep 2 / High Jul 30 and a key resistance
- PRICE: $68.43 @ 07:04 BST Sep 17
- SUP 1: $64.50 - Low Jun 30 and a key short-term support
- SUP 2: $60.82 - Low May 30
- SUP 3: $58.37 - Low May 5
- SUP 4: $57.81 - Low Apr 9 and a key support
Brent futures remain above their recent lows. Short-term gains are for now, considered corrective and a bear cycle remains intact. Sights are on $64.50, the Jun 30 low, where a clear break would confirm a continuation of the bear leg. This would open $60.82, the May 30 low. Key short-term resistance has been defined at $71.93, the Jul 30 high. Clearance of this level is required to cancel a bear theme.
UK DATA: Food and services lower than BOE forecasts; petrol higher than BOE
- Relative to the BOE's forecasts headline is in line to the hundredth.
- Food is actually 9 hundredths lower (was 21 hundredths higher last month).
- Energy is in line with consensus but surprised the BOE 44 hundredths to the upside (due to petrol prices).
- This was offset by services being 8 hundredths lower than the BOE forecast at 4.72%Y/Y (vs 4.80%).
EURJPY TECHS: Trend Structure Remains Bullish
- RES 4: 177.08 2.000 proj of the Feb 28 - Mar 18 - Apr 7 price swing
- RES 3: 175.43 High Jul 11 ‘24 and a key medium-term resistance
- RES 2: 174.86 1.764 proj of the Feb 28 - Mar 18 - Apr 7 price swing
- RES 1: 173.97 High Jul 28 and the bull trigger
- PRICE: 173.66 @ 07:08 BST Sep 17
- SUP 1: 172.67/171.56 20- and 50-day EMA
- SUP 2: 169.73/45 Low Jul 31 / 23.6% of the Feb 28 - Jul 28 bull leg
- SUP 3: 168.46 Low Jul 1
- SUP 4: 167.46 Low Jun 23
The trend set-up in EURJPY is unchanged, it remains bullish and sights are on key resistance and the bull trigger at 173.97, the Jul 28 high. Clearance of this level would confirm a continuation of the bull phase. Moving average studies are in a bull-mode position too, highlighting a primary uptrend. Clearance of 173.97 would open 174.86, a Fibonacci projection. Key support to watch lies at the 50-day EMA at 171.56.
