EU HEALTHCARE: Roche: 1H 25 Results

• RES 4: 122.71 2.764proj of the May 14 - 20 - 21 price swing
• RES 3: 122.35 2.500 proj of the May 14 - 20 - 21 price swing 
• RES 2: 122.00 Round number resistance
• RES 1: 121.73 High Jun 13 and the bull trigger 
• PRICE: 120.86 @ Close Jun 23 
• SUP 1: 119.91 Low May 29      
• SUP 2: 119.48 Low May 26 
• SUP 3: 118.87 Low May 21  
• SUP 4: 118.51 Low May 14 and key support 

The trend condition in BTP futures is unchanged, it remains bullish and the latest pullback appears corrective. Recent gains reinforce a bull theme and maintain the price sequence of higher highs and higher lows. Sights are on the 122.00 handle next. Key support to watch lies at 118.51, the May 14 low. A clear break of this level would highlight a reversal. First support is 119.91, the May 29 low.

Slovenia will hold a syndication in the near future while Germany and Italy are both still scheduled to hold conventional auctions this week and Finland is due to hold an ORI auction. The EU and Belgium have already held auctions this week. We pencil in estimated gross issuance for the week of E28.7bln, a little lower than the E30.7bln last week.

For the full document with a recap of issuance so far this week and a look ahead to the rest of this week's and next week's issuance, click here

• Slovenia announced a mandate to hold an investor call yesterday ahead of a transaction to launch an inaugural 10-year EUR sustainability-linked bond maturing July 2035.
• Germany will come to the market this morning with E4bln of the 1.70% Jun-27 Schatz ISIN (DE000BU22098) on offer.
• Italy will come to the market tomorrow to hold a BTP Short Term / BTPei auction with new issues of both on offer. As expected we will see E2.5-3.0bln of the new 2.10% Aug-27 BTP Short Term (ISIN: TBC). However, we had not expected a new 6-year BTPei to launch alongside it with E2.5-3.0bln of the new 1.10% Aug-31 BTPei (ISIN: TBC) on offer.

• RES 4: 0.8648 76.4% retracement of the Apr 11 - May 29 downleg    
• RES 3: 0.8624 High Apr 21
• RES 2: 0.8592 61.8% retracement of the Apr 11 - May 29 downleg 
• RES 1: 0.8575 High Jun 23   
• PRICE: 0.8551 @ 07:10 BST Jun 24
• SUP 1: 0.8488/8465 20- and 50-day EMA values 
• SUP 2: 0.8407/8356 Low Jun 4 / Low May 29 and the bear trigger 
• SUP 3: 0.8327 1.382 proj of the Apr 11 - 16 - 21 price swing
• SUP 4: 0.8316 Low Mar 28 and a key support

EURGBP continues to trade at its recent highs and a bullish theme remains intact. The recent breach of the 50-day EMA highlighted a stronger reversal. This signals scope for an extension towards 0.8592 next, a Fibonacci retracement. On the downside, support to watch lies at 0.8469, the 50-day EMA. Clearance of this level would instead highlight a possible reversal. Support at the 20-day EMA is at 0.8495.