BONDS: Gilt/Bunds On Track For First Sub-165bp Close Of ‘25

• RES 4: 1.1728 High Oct 17
• RES 3: 1.1669 High Oct 28 and key resistance 
• RES 2: 1.1627 50-day EMA
• RES 1: 1.1606 Intraday high
• PRICE: 1.1601 @ 14:46 GMT Nov 11
• SUP 1: 1.1469 Low Nov 5 and the bear trigger 
• SUP 2: 1.1425 1.500 proj of the Oct 17 - 22 - 28 price swing
• SUP 3: 1.1392 Low Aug 1 and bear trigger 
• SUP 4: 1.1313 Low May 30

EURUSD has traded higher today. The pair has breached an initial important resistance at 1.1584, the 20-day EMA. The break paves the way for an extension of the corrective cycle, towards the 50-day EMA, at 1.1624. A clear break of the 50-day average would highlight a potentially stronger bull cycle. On the downside, a reversal would refocus attention on the bear trigger at 1.1469, the Nov 5 low. Clearance of this level would resume the downtrend.

• RES 4: 7000.00 Psychological round number 
• RES 3: 6993.12 3.500 proj of the Aug 20 - 28 - Sep 2 price swing
• RES 2: 6974.04 3.382 proj of the Aug 20 - 28 - Sep 2 price swing 
• RES 1: 6867.00/6953.75 Intraday high / High Oct 30 and bull trigger  
• PRICE: 6843.00 @ 14:29 GMT Nov 11
• SUP 1: 6655.70 Low Nov 7 and key short-term support 
• SUP 2: 6571.25 Low Oct 17
• SUP 3: 6540.25 Low Oct 10 and a key support 
• SUP 4: 6476.62 23.6% retracement of the Apr 7 - Oct 30 bull cycle  

The trend condition in S&P E-Minis remains bullish and the bear leg since the Oct 30 high appears corrective. The contract has managed to find support below the 50-day EMA, currently at 6716.03 and a key support. Last Friday’s activity also highlights a potential reversal signal - a bullish doji candle. This defines key support at 6655.50, the Oct 7 low. A continuation higher would signal the end of a correction and open 6953.75, Oct 30 high and bull trigger.

• +10,000 0QZ5 97.00/97.25 call spds, 5.25 ref 96.905
• -4,000 0QZ5 96.93/97.06 call spds, 4.0