EU FINANCIALS: Deutsche Bank - Q2 25 Earnings Headlines
(DB; A1/A/A-) Small credit positive. Better NII offset by relatively lacklustre quarter for trading...
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SCHATZ TECHS: (U5) Support Has Been Pierced
- RES 4: 107.690 High Apr 30
- RES 3: 107.610 High May 23 and a key near-term resistance
- RES 2: 107.430/475 High Jun 13 / High May 27
- RES 1: 107.302 20-day EMA
- PRICE: 107.270 @ 06:46 BST Jun 24
- SUP 1: 107.195/180 Low Jun 6 / 23
- SUP 2: 107.125 Low May 12 and a key support
- SUP 3: 107.000 Round number support
- SUP 4: 106.890 2.000 proj of the May 23 - 29 - 30 price swing
Schatz futures are still in consolidation and remain below the Jun 13 high. Support to watch lies at 107.195, the Jun 6 low. It has been pierced, a clear break of this level would reinstate a bearish threat and signal scope for an extension towards 107.125, the May 12 low. On the upside, clearance of 107.470, the May 30 high, is required to strengthen a bullish condition. First key resistance is 107.430, the Jun 13 high.
EUROZONE T-BILL ISSUANCE: W/C 23 June
Austria, Greece and Italy are still due to sell bills this week, while Germany and France have already come to the market. We expect issuance to be E18.1bln in first round operations, broadly similar to the E18.0bln last week.
- This morning, Austria will look to come to the market with E0.5bln of the 3-month Sep 25, 2025 Green ATB and E1.5bln of the 4-month Oct 30, 2025 ATB.
- Tomorrow morning, Greece will look to sell E500mln of the new 26-week Dec 29, 2025 GTB.
- Finally on Thursday morning, Italy will look to hold a 3/5-month BOT auction with E1.5bln of the 3-month Oct 14, 2025 BOT and E1.5bln of the 5-month Nov 28, 2025 BOT on offer.
GBPUSD TECHS: 50-Day EMA Support Remains Intact
- RES 4: 1.3800 Round number resistance
- RES 3: 1.3757 1.618 proj of the Feb 28 - Apr 3 - 7 price swing
- RES 2: 1.3681 1.500 proj of the Feb 28 - Apr 3 - 7 price swing
- RES 1: 1.3632 High Jun 13 and the bull trigger
- PRICE: 1.3561 @ 06:47 BST Jun 24
- SUP 1: 1.3506 Intraday low
- SUP 2: 1.3367 50-day EMA
- SUP 3: 1.3277 Trendline support drawn from the Jan 13 low
- SUP 4: 1.3140 Low May 12 and key support
The trend needle in GBPUSD continues to point north. Support at the 50-day EMA, at 1.3367, remains intact. A clear breach of this average would signal scope for a deeper retracement. Moving average studies are in a bull-mode position too highlighting a dominant medium-term uptrend. Key resistance and the bull trigger has been defined at 1.3632, the Jun 13 high. Clearance of this hurdle would resume the primary uptrend.
