EQUITIES: Option expiry in Notional terms

ERH5 97.125/97.375/97.625/97.875 call condor paper paid 5.25 & 5.5 on 20K.

• In FX, EURUSD maintains a bullish theme. Last week’s gains confirmed a resumption of the current short-term bull cycle that started Jun 26. Resistance at 1.0852, the Jun 12 high, has been cleared. The break signalled scope for an extension towards key resistance at 1.0916, Jun 4 high and the next key hurdle for bulls. It has been pierced, a clear breach would open 1.0943, the Jan 21 high. Support to watch is 1.0798, the 20-day EMA.
• GBPUSD remains in a bull-mode condition and last week’s strong impulsive rally reinforces current conditions. The move higher resulted in a break of key short-term resistance at 1.2860, the Jun 12 high and a bull trigger. This was followed by a breach of 1.2894, the Mar 8 high and a key medium-term resistance, strengthening a bullish condition. The break opens 1.2996, the Jul 27 ‘23 high. Initial firm support is 1.2793, the 20-day EMA.
• USDJPY traded sharply lower last Thursday, and the pair remains soft. Price breached the 20-day EMA and exposed the next important support at 158.49, the trendline drawn from the Dec 28 low last year. The line has been pierced, a clear break of it would highlight a potential reversal. This would open 156.83, 38.2% retracement of the Dec 28 ‘23 - Jul 3 bull run. For bulls, a reversal higher would refocus attention on key resistance and the bull trigger at 161.95, the Jul 3 high. Initial resistance is at 159.59, the 20-day EMA.