EURUSD TECHS: Bull Cycle Intact

• RES 4: 1.1696 1.618 proj of the Feb 28 - Mar 18 - 27 price swing 
• RES 3: 1.1625 1.500 proj of the Feb 28 - Mar 18 - 27 price swing
• RES 2: 1.1608 High Nov 9 2021
• RES 1: 1.1440/1573 High Apr 23 / 21 and the bull trigger  
• PRICE: 1.1353 @ 14:59 BST May 5
• SUP 1: 1.1264 20-day EMA and a key support
• SUP 2: 1.1144 High APr 3    
• SUP 3: 1.1036 50-day EMA and a pivot level     
• SUP 4: 1.0805 Low Apr 3  

A corrective cycle in EURUSD remains in play. The trend structure is unchanged, it remains bullish. MA studies are in a bull-mode position  signalling a dominant uptrend, and the latest move down is allowing an overbought condition to unwind. A resumption of gains would open 1.1608, the Nov 9 2021 high. Initial key support to watch is the 20-day EMA, at 1.1264. A break of this average would signal scope for a deeper pullback. 

Expect corporate supply to issue soon after this afternoon's Tsy 3Y auction at the top of the hour.

• Date $MM Issuer (Priced *, Launch #)
• 05/05 $1.3B DTE Electric $300M 2Y +45, $500M 10Y +93, $500M 30Y +103
• 05/05 $Benchmark Apple Inc 3Y +25, 5Y +30, 7Y +40, 10Y +50
• 05/05 $Benchmark Comcast 7Y +85, 10Y +100, 30Y +122
• 05/05 $Benchmark General Motors 3Y +155, 5Y +170, 10Y +195
• 05/05 $Benchmark American Int Group 5Y +95, 10Y +112
• 05/05 $Benchmark Prologis +5Y +85, 10Y +103
• 05/05 $Benchmark ADP 7Y +63

• WI holding steady ahead of the $58B 3Y note auction (91282CND9) cut-off at 1300ET.
• 3Y WI is currently at 3.825%, 4.1bp cheap to last month's tail: 3.784% high yield vs. 3.760% WI