SWEDEN: Private Sector Production Drove Downward Revision To Feb GDP
Today's Swedish data provides context around the 1.9% M/M rise in the March GDP indicator, which fed...
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EURGBP TECHS: Flag Formation Reinforces The Bull Cycle
- RES 4: 0.8797 High Dec 17
- RES 3: 0.8789 High Feb 27 and key resistance
- RES 2: 0.8747 76.4% retracement of the Feb 27 - Mar 16 bear leg
- RES 1: 0.8742 High Mar 31 and Apr 1
- PRICE: 0.8706 @ 07:10 BST Apr 8
- SUP 1: 0.8690 50-day EMA
- SUP 2: 0.8637/10 Low Mar 26 / 16 and the bear trigger
- SUP 3: 0.8597 Low Aug 14
- SUP 4: 0.8578 Low Jul 2 ‘25
A strong rally last week in EURGBP confirmed a clear reversal of the bear cycle between Feb 27 and Mar 16. This opens 0.8747 next, the 76.4% retracement of the Feb - Mar bear leg. Note that the most recent consolidation appears to be a bull flag formation, reinforcing S/T bullish conditions. Clearance of 0.8747 would open 0.8789, the Feb 27 high and a key resistance. Support to watch lies at 0.8690, the 50-day EMA.
EQUITY TECHS: E-MINI S&P: (M6) Rally Extends
- RES 4: 7035.00 High Feb 25
- RES 3: 6963.00 High Mar 2
- RES 2: 6921.09 76.4% retracement of the Jan 28 - Mar 31 bear leg
- RES 1: 6873.25 High Mar 11
- PRICE: 6833.00 @ 06:57 BST Apr 8
- SUP 1: 6650.67 20-day EMA
- SUP 2: 6567.00/6503.75 Low Apr 6 and key S/T support / Low Apr 2
- SUP 3: 6353.25 Low Mar 31 and key support
- SUP 4: 6316.61 3.236 proj of the Feb 11 - 17 - 25 price swing
A strong rally in S&P E-Minis today highlights an extension of the reversal that started Mar 31. Note that trend signals remain bearish and for now, gains are considered corrective. A continuation higher would open 6921.09, a Fibonacci retracement point. Key medium-term resistance and the bull trigger is far off at 7096.50, the Jan 28 high. Initial firm support to watch lies at 6567.00, the Apr 6 low.
SOFR: SFRZ6/H7 Lifted
SFRZ6/H7 paper paid -3.5 on 2K.
