EUROZONE ISSUANCE: EGB Supply (1/2)

• MNI: FOMC MAINTAINS RATE TARGET AT 3.5%-3.75%; VOTE 10-2
• GOVS WALLER, MIRAN DISSENT IN FAVOR OF 25 BP CUT
• NO CHANGE TO GUIDANCE ON FUTURE CUTS
• FED: UPGRADES GROWTH TO 'SOLID' FROM 'MODERATE'
• FED: UNEMPLOYMENT RATE'SHOWN SOME SIGNS OF STABILIZATION'
• FED: INFLATION REMAINS SOMEWHAT ELEVATED

• Fed funds rate range maximum: 3.75% 
• Number of dissenters on rate move: TWO. Stephen Miran and Christopher Waller preferred a 0.25% fed funds rate cut at this meeting. 
• Interest rate paid on reserve balances: 3.65% 
• Standing repo operations rate: 3.75%

• RES 4: 0.8813 76.4% retracement of the Nov 14 - Jan 6 bear leg   
• RES 3: 0.8797 High Dec 17   
• RES 2: 0.8781 61.8% retracement of the Nov 14 - Jan 6 bear leg
• RES 1: 0.8714/46 50-day EMA / High Dec 31 & Jan 21
• PRICE: 0.8662 @ 17:12 GMT Jan 28
• SUP 1: 0.8644 Low Jan 6 and the bear trigger
• SUP 2: 0.8633 Low Sep 15
• SUP 3: 0.8620 38.2% retracement of the Dec ‘24 - Nov ‘25 bull cycle 
• SUP 4: 0.8597 Low Aug 14

Recent weakness in EURGBP signals the potential end of a corrective recovery between Jan 6 - 21. Moving average studies are in a bear-mode set-up and this continues to highlight a dominant bear cycle. Key support and the bear trigger lies at 0.8644, the Jan 6 low. A break of this level would confirm a resumption of the downtrend. Key short-term resistance is 0.8746, the Jan 21 high.