US NATGAS: Henry Hub Midday Updated

• Tsy futures inch higher after the latest $69B 2Y note auction (91282CNV9) stops through: 3.641% high yield vs. 3.656% WI; 2.69x bid-to-cover vs. 2.62x prior.
• Peripheral stats: Indirect take-up inches up to 57.09% from 55.33 prior, directs slip to 33.16% vs. 34.37% prior, primary dealer take-up at 9.74% vs. 10.30% prior.
• The next 2Y auction is tentatively scheduled for September 23.

• US TSY 2Y NOTE AUCTION: HIGH YLD 3.641%; ALLOTMENT 57.40%
• US TSY 2Y NOTE AUCTION: DEALERS TAKE 9.74% OF COMPETITIVES
• US TSY 2Y NOTE AUCTION: DIRECTS TAKE 33.16% OF COMPETITIVES
• US TSY 2Y NOTE AUCTION: INDIRECTS TAKE 57.09% OF COMPETITIVES
• US TSY 2Y AUCTION: BID/CVR 2.69

• RES 4: 1.1851 High Sep 10 2021
• RES 3: 1.1829 High Jul 01 and the bull trigger 
• RES 2: 1.1789 High Jul 24 
• RES 1: 1.1743 High Aug 22
• PRICE: 1.1660 @ 16:15 BST Aug 26
• SUP 1: 1.1597/1.1528 50-day EMA / Low Aug 5 
• SUP 2: 1.1392 Low Aug 1 and bear trigger 
• SUP 3: 1.1373 Low Jun 10 
• SUP 4: 1.1313 Low May 30 

Despite Monday's move down, the trend set-up in EURUSD remains bullish and short-term weakness is for now considered corrective. Support at the 50-day EMA remains intact, at 1.1597. A clear break of it would signal scope for a deeper retracement and potentially expose key support at 1.1392, the Aug 1 low. For bulls, a stronger resumption of gains would open key resistance and the bull trigger at 1.1829, the Jul 1 high.