POLAND: Nawrocki Vetoes Energy Bill, Gov't Works On Tax Increases

• RES 4: 175.43 High Jul 11 ‘24 and a key medium-term resistance  
• RES 3: 174.86 1.764 proj of the Feb 28 - Mar 18 - Apr 7 price swing
• RES 2: 173.43 High Jul 12 ‘24
• RES 1: 173.24 High Jul 15
• PRICE: 172.44 @ 07:58 BST Jul 23
• SUP 1: 171.37  Low Jul 22  
• SUP 2: 170.97 20-day EMA 
• SUP 3: 169.32 Low Jul 3   
• SUP 4: 168.24 50-day EMA   

The trend set-up in EURJPY remains bullish. Recent fresh cycle highs reinforce current conditions. A price sequence of higher highs and higher lows highlights a dominant uptrend and note that moving average studies are in a bull-mode position. Sights are on 173.43, the Jul 12 ‘24 high. Support to watch lies at 170.97, the 20-day EMA. A move below this average would signal scope for a corrective pullback.

Gilt futures called 91.85-95 by desks given the headwinds posed by the Japanese inputs outlined earlier, netting just below there at present.

The risk-on impulses stemming from the U.S.-Japan trade deal leave European equity index futures pointing to positive cash opens.

• Euro Stoxx 50 futures: +1.23%
• DAX futures: +1.16%
• CAC 40 futures: +1.21%
• FTSE MIB futures: +1.04%
• FTSE 100 futures: +0.43%
• SMI futures: +0.95%