OIL: Oil End of Day Summary: Crude Struggles for Direction

• 6,500 TUZ5 103.87/104.37/104.50/104.87 broken put flys ref 104-09.62

• Date $MM Issuer (Priced *, Launch #)
• 10/01 $2.5B #Bahrain $1.5B +8Y Sukuk 5.875%, $1B 12Y 6.625%
• 10/01 $2B #Vistra Operations $750M 3Y +75, $500M 5Y +93, $750M 10Y +118
• 10/01 $750M Alpha Generation $750M 8.25NC3 6.375%
• 10/01 $500M #Convatec Group 10Y +125
• 10/01 $500M Jane Street Grp 2033 tap
• 10/01 $Benchmark IFC 5Y SOFR+38

• RES 4: 0.8835 High May 3 2023  
• RES 3: 0.8800 Round number resistance 
• RES 2: 0.8769 High Jul 28 and the bull trigger 
• RES 1: 0.8751 High Sep 25  
• PRICE: 0.8702 @ 16:28 BST Oct 1
• SUP 1: 0.8667/8597 50-day EMA / Low Aug 14 and the bear trigger
• SUP 2: 0.8562 50.0% retracement May 29 - Jul 28 upleg 
• SUP 3: 0.8540 Low Jun 30 
• SUP 4: 0.8514 61.8% retracement May 29 - Jul 28 upleg

EURGBP has pulled back from its recent highs - a correction. A bullish theme remains intact. The latest recovery paves the way for an extension towards the bull trigger at 0.8769, the Jul 28 high. Clearance of this level would strengthen the bull theme. Support to watch lies at 0.8597, the Aug 14 low. A breach of this level would instead reinstate a recent bearish threat. First support is 0.8667, the 50-day EMA.