OIL: India Hopeful U.S. Will Review 25% Tariffs for Buying Russian Oil

SFIX5 96.15/96.10/96.05p ladder, bought for flat in 5k (ref 96.30).

• In the equity space, S&P E-Minis have traded to fresh cycle high today. The climb confirms a resumption of the uptrend and maintains the price sequence of higher highs and higher lows. Sights are on 6477.31, a 1.618 projection of the May 23 - Jun 11 - 23 price swing. Support at the 20-day EMA is at 6302.01.
• The trend condition in EUROSTOXX 50 futures remains bullish and short-term weakness for now, appears corrective. Support at 5281.00, the Jul 1 / 4 low, remains intact. For bulls, a resumption of gains would refocus attention on key resistance and the bull trigger at 5486.00, the May 20 high. It has recently been pierced, a clear breach of it would resume the bull cycle and open 5500.00.

• RES 4: 1.1923 2.000 proj of the Feb 28 - Mar 18 - 27 price swing
• RES 3: 1.1917 2.0% 10-dma envelope
• RES 2: 1.1851 High Sep 10 2021 
• RES 1: 1.1749/1829 High Jul 24 / 01 and the bull trigger 
• PRICE: 1.1665 @ 10:40 BST Jul 28
• SUP 1: 1.1658 Intraday low
• SUP 2: 1.1559/57 50-day EMA / Low Jul 17
• SUP 3: 1.1446 Low Jun 19
• SUP 4: 1.1405 Low Jun 11  

EURUSD is trading lower today. The pair has breached support at the 20-day EMA, at 1.1684. The next key support to watch lies at the 50-day EMA, at 1.1559. A clear break of this average is required to signal a stronger reversal. Note that medium-term trend indicators continue to highlight a dominant uptrend. A resumption of gains would refocus attention on 1.1829, the Jul 1 high and the bull trigger.