US TSY OPTIONS: BLOCK: Mar'26 10Y Ratio Strangle

• RES 4: 1.2063 2.236 proj of the Feb 28 - Mar 18 - 247 price swing
• RES 3: 1.2000 Round number resistance 
• RES 2: 1.1923 2.00 proj of the Feb 28 - Mar 18 - 247 price swing
• RES 1: 1.1919 High Sep 17 and key short-term resistance 
• PRICE: 1.1738 @ 19:46 BST Sep 24
• SUP 1: 1.1726/1678 Low Sep 22 / 50-day EMA 
• SUP 2: 1.1574 Low Aug 27
• SUP 3: 1.1528 Low Aug 5
• SUP 4: 1.1392 Low Aug 1 and bear trigger.

The trend theme in EURUSD is unchanged, it remains bullish and the recent pullback appears corrective. Resistance at 1.1743, the Aug 22 high, has recently been cleared, reinforcing a bull cycle. Last week's gains resulted in a climb above 1.1829 the Jul 01 high and a bull trigger. Clearance of this hurdle opens 1.1923, a Fibonacci projection. The pair traded lower Wednesday, support to watch is 1.1678. the 50-day EMA.

• Treasuries extend late session lows after FT cited Chicago Fed Pres Goolsbee saying he is
• "UNCOMFORTABLE OVERLY FRONTLOADING RATE CUTS" while we "STILL HAVE MOSTLY STEADY, SOLID JOBS MARKET...AT THE SAME TIME, INFLATION IS GOING THE WRONG WAY"
• Currently, the Dec'25 10Y trades -7 at 112-21 (yld 4.1447% +.0385) vs. 112-20 low - nearing technical support at 112-205/112-155 (Low Sep 22 / High Aug 5 and 14). Resistance above at 113-12/29 High Sep 18 / High Sep 11 and the bull trigger.
• Curves mildly steeper: 2s10s +2.868 at 54.666, 5s30s +.195 at 105.129.
• US$ index near highs, Bbg's BBDXY +6.56 at 1202.23. 

• Crude has seen further support today from an EU plan to tariff imports of Russian oil, additional disruption to Russian energy infrastructure, and a tariff agreement between the US and EU.
• WTI Nov 25 is up by 2.5% at $65.0/bbl.
• Despite this move, the trend condition in WTI futures remains bearish and short-term gains are considered corrective. Initial resistance to watch is $65.43, the Sep 2 high, with key short-term resistance defined at $68.43, the Jul 30 high.
• A stronger resumption of weakness would open $57.50, the May 30 low.
• Meanwhile, gold has pulled back today from yesterday's all-time high, as the steady appreciation of the US dollar to fresh recovery highs has weighed on the yellow metal.
• Spot gold is down by 0.9% at $3,729/oz.
• Gold is still in a clear bull cycle and shallow short-term pullbacks remain corrective. The next objective is the $3,800.0 handle. Initial firm support lies at $3,621.4, the 20-day EMA.
• Elsewhere, copper has rallied by 3.9% today to $482/lb, after Freeport declared force majeure at a key mine in Indonesia.
• Freeport said that suspension of its Grasberg Block Cave mine, the second largest source of the metal, following a deadly mud rush will reduce near-term copper and gold output.
• Today’s rally has seen copper pierce initial resistance at $475.14, the 50-day EMA, a clear break of which would open $550.00, the Jul 9 and Jul 28 lows.