EURIBOR OPTIONS: Call Spread buyer

• RES 4: 1.1923 2.000 proj of the Feb 28 - Mar 18 - 27 price swing
• RES 3: 1.1851 High Sep 10 2021
• RES 2: 1.1749/1829 High Jul 24 / 01 and the bull trigger 
• RES 1: 1.1675 20-day EMA 
• PRICE: 1.1529 @ 13:48 BST Jul 29
• SUP 1: 1.1527 Intraday low
• SUP 2: 1.1500 Round number support
• SUP 3: 1.1431 23.6% retracement of the Feb 3 - Jul 1 bull cycle 
• SUP 4: 1.1373 Low Jun 10   

EURUSD traded sharply lower Monday and the close at the day low strengthens a short-term bearish threat. Today’s extension has resulted in a move through key support at the 50-day EMA, at 1.1560. A clear break of this average would signal a stronger reversal and the start of a correction. This would open 1.1431, a Fibonacci retracement. Note that M/T trend indicators continue to highlight an uptrend. The bull trigger is 1.1829, the Jul 1 high. 

• There's still way below average Volumes in Treasuries, but some pick up in sizes have gone through in the past 10 minutes or so with circa 35k in that period.
• Friday's high in TYU5 is at 11.03, but seeing better around 111.05 initially.
• In Yield terms, next support only comes at 4.30%, Today would equate to 111.16+.

• Date $MM Issuer (Priced *, Launch #)
• 07/29 $2B NextEra Energy 2Y +95a
• 07/29 $Benchmark Sherwin Williams 3% +75a, 5Y +90a, 10Y +110a
• $19.84B Priced Monday, largely tied to $12B Mexico 5Y issuance