EURGBP TECHS: Trend Needle Points South
- RES 4: 0.8557 High Apr 28
- RES 3: 0.8541 High May 2
- RES 2: 0.8493 High May 9
- RES 1: 0.8443 50-day EMA and a key near-term resistance
- PRICE: 0.8421 @ 06:49 BST May 30
- SUP 1: 0.8356 Low May 29
- 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 reversed higher Thursday, bouncing sharply off a fresh pullback low. Despite these gains, a downtrend remains intact. Key short-term resistance is at 0.8443, the 50-day EMA. Clearance here would highlight a stronger reversal and expose 0.8541. Support to watch lies at 0.8356, Thursday’s low. A break of this level would resume the downtrend. Scope is seen for an extension towards 0.8316, the Mar 28 low and a key support.
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USDJPY TECHS: Gains Considered Corrective
- RES 4: 148.27 High Apr 9
- RES 3: 146.87 50-day EMA
- RES 2: 146.54 Low Mar 11
- RES 1: 144.06 20-day EMA
- PRICE: 142.51 @ 06:47 BST Apr 30
- SUP 1: 141.49 Low Apr 23
- SUP 2: 139.79 1.382 proj of the Feb 12 - Mar 11 - 28 price swing
- SUP 3: 138.82 1.500 proj of the Feb 12 - Mar 11 - 28 price swing
- SUP 4: 138.07 Low Jul 28 ‘23
The bounce in USDJPY that started Apr 22 is considered corrective. Resistance to watch is 144.06, the 20-day EMA. A clear break of this level would signal scope for a stronger recovery. Resistance at the 50-day EMA, is at 146.87. Moving average studies remain in a bear-mode position highlighting a dominant downtrend. A resumption of the trend would open 139.79 next, a Fibonacci projection.
EUROZONE T-BILL ISSUANCE: W/C April 28, 2025
Italy, Germany, France and Greece have sold bills this week. We expect issuance to have been E17.0bln in first round operations, up from E14.6bln last week.
STIR: SFRZ6/H7/M7 Fly Lifted
SFRZ6/H7/M7 fly paper paid -2.0 on ~6.2K.
