EM FX: EM Currencies At Fresh Session Highs After Trump Cancels Iran Strikes

• Treasury futures holding at/near lows (TYM6 -11.5 at 110-01.5) after the $42B 10Y note auction (91282CQQ7) tailed for the fourth time in a row: drawing 4.468% high yield vs. 4.464% WI; 2.40x bid-to-cover vs. 2.43x prior.
• Peripheral stats: indirect take-up at 63.95% vs. 65.3% prior; direct bidder take-up 24.07% from 23.9% prior; primary dealer take-up to 11.98% vs. 10.8% prior.
• The next 10Y auction is tentatively scheduled for June 10.

• US TSY 10Y NOTE AUCTION: HIGH YLD 4.468%; ALLOTMENT 22.00%
• US TSY 10Y NOTE AUCTION: DEALERS TAKE 11.98% OF COMPETITIVES
• US TSY 10Y NOTE AUCTION: DIRECTS TAKE 24.07% OF COMPETITIVES
• US TSY 10Y NOTE AUCTION: INDIRECTS TAKE 63.95% OF COMPETITIVES
• US TSY 10Y AUCTION: BID/CVR 2.40

• RES 4: 1.1996 High Jan 29
• RES 3: 1.1929 76.4% retracement of the Jan 27 - Mar 13 bear leg
• RES 2: 1.1857 High Feb 18 
• RES 1: 1.1797/1849 High May 06 / Apr 17 and the bull trigger 
• PRICE: 1.1723 @ 16:28 BST May 12
• SUP 1: 1.1695/55 50-day EMA / Low Apr 30 and key S/T support 
• SUP 2: 1.1590 Low Apr 8
• SUP 3: 1.1505 Low Apr 6 
• SUP 4: 1.1443/11 Low Mar 30 / Low Mar 13 & 16 and the bear trigger

EURUSD traded lower into the close, however remains in consolidation mode. Key support lies at the 50-day EMA, at 1.1695. A clear breach of it is required to suggest scope for a stronger short-term reversal. This would open 1.1505, the Apr 6 low. While the EMA support holds, the trend structure is bullish. Attention is on 1.1849, the Apr 17 high and bull trigger. Clearance of this hurdle would confirm a resumption of the uptrend that started mid-March.