ENERGY: Russian and Hungary Discuss Enhanced Energy Cooperation

J.P.Morgan recommend receiving 1y1y €STR.

• They believe that “the €STR curve is not pricing enough downside risk-premium”, with growth remaining on a soft trajectory and the U.S. tariff backdrop further tilting economic risks to the downside.
• They acknowledge that they “do not expect any sharp sustained repricing lower of terminal rate expectations over the near term but a gradual decline over the coming months and therefore prefer to trade tactically at the front-end of the curve”.

Bloomberg Bonds:

• US Tsys: +0.12yr (Large).
• EU Govies: +0.08yr (Average).
• UK Govies: -0.03yr (non event).
• JGBs: +0.04yr (small).

• RES 4: $35.736 - 1.236 proj of the Feb 14 - Apr 12 - May 2 ‘24 swing 
• RES 3: $34.903 - High Oct 23 and the bull trigger
• RES 2: $34.000 - Round number resistance  
• RES 1: $33.450 - 76.4% of the Oct 23 - Dec 19 ‘24 bear leg                                
• PRICE: $32.550 @ 08:18 GMT Feb 24   
• SUP 1: $31.979/343 - 20- and 50-day EMA values         
• SUP 2: $29.704 - Low Jan 27 
• SUP 3: $28.748 - Low Dec 19 and bear trigger
• SUP 4: $28.446 - 76.4% retracement of the Aug 8 - Oct 23 bull cycle 

A bull theme in Silver remains intact and the metal is trading closer to its latest highs. Recent gains confirm a resumption of the bull cycle that started Dec 19 and sights are on $33.450, a Fibonacci retracement. Clearance of this level would further strengthen a bull theme. On the downside, key short-term support is seen at 31.343, the 50-day EMA. A clear breach of this level would highlight a potential reversal.