EURGBP TECHS: Bull Cycle Remains In Play

Austria, Greece and Italy are still due to sell bills this week, while France has already come to the market. We expect issuance to be E17.1bln in first-round operations, down from up E20.0bln last week.

• Today, Austria will look to sell E1bln of the 2-month Jul 24, 2025 ATB alongside E2bln of the 3-month Aug 28, 2025 Green ATB.
• Tomorrow, Greece will look to sell E500mln of the new 26-week Nov 28, 2025 GTB.
• Also tomorrow, Italy will look to sell E6.5bln of the new 6-month Nov 28, 2025 BOT.

2yr Block trade, suggest Buyer:

• TUM5 ~2.7k at 103.1025.

• RES 4: 107.812 0.618 proj of the Mar 6 - Apr 7  - 9 price swing  
• RES 3: 107.775 High Apr 7 and the bull trigger 
• RES 2: 107.600 High Apr 30  
• RES 1: 107.550 High May 7 and last Friday’s high                   
• PRICE: 107.380 @ 06:25 BST May 27
• SUP 1: 107.195/070 Low May 22 / 13 and the bear trigger  
• SUP 2: 106.965 Low Apr 9 and a key support     
• SUP 3: 106.928 61.8% retracement of the Mar 6 - Apr 7 bull cycle        
• SUP 4: 106.830 Low Mar 27      

A bull cycle in Schatz futures remains intact and resistance at 107.335, the May 12 / 20 high, has been cleared. The break signals a stronger reversal. This exposes 107.550, the May 7 high. A break of this level would strengthen a bullish theme. For bears, a resumption of the recent bear leg would instead signal scope for an extension towards 106.965, the Apr 9 low. The bear trigger has been defined at 107.070, the May 13 low.