EUROZONE ISSUANCE: EGB Supply

• RES 4: 0.8781 2.236 proj of the Mar 3 - 11 - 28 price swing     
• RES 3: 0.8768 High Nov 20 ‘23
• RES 2: 0.8624/0.8738 High Apr 21/ High Apr 11 and the bull trigger
• RES 1: 0.8557 High Apr 28 
• PRICE: 0.8495 @ 06:46 BST Apr 29 
• SUP 1: 0.8487 Intraday low
• SUP 2: 0.8477 61.8% retracement of the Mar 28 - Apr 11 rally  
• SUP 3: 0.8459 50-day EMA  
• SUP 4: 0.8415 76.4% retracement of the Mar 28 - Apr 11 rally

EURGBP traded lower Monday, marking a continuation of the current bear cycle. Note too that the move down cancels the doji reversal signal on Apr 25. Sights are on 0.8477, a Fibonacci retracement point where a break would strengthen the bearish theme. It is still possible that short-term weakness is corrective. A reversal and a resumption of gains would open 0.8738, the Apr 11 high and bull trigger.

Greece is due to sell bills today, while Italy, Germany and France have already come to the market. We expect issuance to be E17.0bln in first round operations, up from E14.6bln last week. 

• This morning, Greece will look to sell E500mln of the new 13-week Aug 1, 2025 GTB.

• RES 4: 5341.00 High Mar 27  
• RES 3: 5263.01 76.4% retracement of the Mar 3 - Apr 7 bear leg 
• RES 2: 5165.00 High Apr 3
• RES 1: 5150.00 High Apr 28             
• PRICE: 5122.00 @ 06:10 BST Apr 29 
• SUP 1: 4959.00/4812.00 Low Apr 23 / 16 and a key support                      
• SUP 2: 4664.00 Low Apr 10
• SUP 3: 4444.00 Low Apr 7 and the bear trigger         
• SUP 4: 4336.00 Low Nov 28 ‘23 (cont)     

Eurostoxx 50 futures maintain a positive tone and are holding on to their recent gains. The contract has cleared the 20-day EMA and pierced the 50-day EMA, at 5101.76. A clear break of this average would strengthen the current bull cycle and signal scope for a continuation of the corrective uptrend. This would open 5165.00 next, the Apr 3 high. Support to watch lies at 4812.00, the Apr 16 low. Clearance of this level would highlight a reversal.