OIL: Oil Products End of Day Summary: Cracks Mixed

• +30,000 TYQ5 109/112 call over risk reversals, 1 net vs. 110-15.5/0.50%

• MNI: US MAY TREASURY BUDGET -$316.0B

• RES 4: 0.8557 High Apr 28  
• RES 3: 0.8541 High May 2 
• RES 2: 0.8502 38.2% retracement of the Apr 11 - May 29 downleg
• RES 1: 0.8489 High Jun 11
• PRICE: 0.8481 @ 16:30 BST Jun 11
• SUP 1: 0.8407/8356 Low Jun 4 / Low May 29 and the bear trigger 
• SUP 2: 0.8327 1.382 proj of the Apr 11 - 16 - 21 price swing
• SUP 3: 0.8316 Low Mar 28 and a key support
• SUP 4: 0.8277 1.618 proj of the Apr 11 - 16 - 21 price swing

EURGBP traded higher again Wednesday and the cross is building on gains. The recovery has resulted in a break of resistance at 0.8441, the 50-day EMA. This highlights a potentially stronger reversal and exposes 0.8541, the May 2 high. For bears, support to watch lies at 0.8356, the May 29 low. Clearance of this level would resume the downtrend and open 0.8316, the Mar 28 low and a key support. Initial support has been defined at 0.8407, the Jun 4 low.