EM ASIA CREDIT: New Issue Statistics - Book Multiples - April

• RES 4: 5600.00 Round number resistance
• RES 3: 5516.00 High Mar 3 and the bull trigger 
• RES 2: 5471.00 High Mar 19 / 20 
• RES 1: 5291.19/5343.17 50- and 20-day EMA values              
• PRICE: 5213.00 @ 06:15 BST Apr 1 
• SUP 1: 5157.00 Low Mar 31                 
• SUP 2: 5116.27 1.236 proj of the Mar 3 - 11 - 19 price swing 
• SUP 3: 5079.00 Low Feb 3 and a key support     
• SUP 4: 5040.00 Low Jan 16      

Eurostoxx 50 futures traded lower Monday resulting in a breach of key support at 5229.00, the Mar 11 low. The print below this support undermines a bullish theme and signals scope for a deeper retracement. Note that the 5200 handle has also been cleared, opening 5079.00, the Feb 3 low. It is still possible that recent weakness is part of a broader correction. Initial firm resistance to watch is 5343.17, the 20-day EMA. 

• RES 4: 0.8494 High Aug 26 ‘24        
• RES 3: 0.8474 High Jan 20 and a key resistance
• RES 2: 0.8428/8450 High Mar 18 / 11 and the bull trigger
• RES 1: 0.8395 High Mar 24 and a key near-term resistance       
• PRICE: 0.8366 @ 06:24 BST Apr 1 
• SUP 1: 0.8316 Low Mar 28 and a key near-term support 
• SUP 2: 0.8291 76.4% retracement of the Mar 3 - 11 bull leg
• SUP 3: 0.8251 Low Mar 4  
• SUP 4: 0.8241 Low Mar 3 and a bear trigger

The bear leg in EURGBP that started Mar 11 appears corrective and has allowed an overbought condition to unwind. Note that MA studies are in a bull-mode position, highlighting a dominant uptrend. Support to watch is 0.8316, the Mar 28 low. A break of this level is required to signal scope for a deeper retracement that would open 0.8290, a Fibonacci retracement. For bulls, clearance of  0.8395, the Mar 24 high, would be a bullish development.