US: Trump Remarks At White House Underway Shortly

• RES 4: 1.1969 2.0% 10-dma envelope
• RES 3: 1.1923 2.000 proj of the Feb 28 - Mar 18 - 27 price swing
• RES 2: 1.1851 High Sep 10 2021 
• RES 1: 1.1765/1829 High Jul 08 / 01 and the bull trigger 
• PRICE: 1.1610 @ 16:29 BST Jul 15
• SUP 1: 1.1609 Low Jul 15
• SUP 2: 1.1575 Low Jul 24
• SUP 3: 1.1495-day EMA 
• SUP 4: 1.1446 Low Jun 19 

A corrective cycle in EURUSD remains in play and the pair is trading lower again, today. The trend condition is bullish with moving average studies continuing to highlight a dominant uptrend. Support to watch was 1.1661, 20-day EMA. The piercing of this level has given way to a clear break and signals strong scope for a deeper retracement. This shifts  focus to the 50-day EMA at 1.1501. For bulls, a resumption of gains would open 1.1851, the Sep 10 2021 high.

• US Data/Speaker Calendar (prior, estimate)
• 07/16 0700 MBA Mortgage Applications (9.4%, --)
• 07/16 0800 Richmond Fed Barkin on forecasting data (text, Q&A)
• 07/16 0830 PPI Final Demand MoM (0.1%, 0.2%), YoY (2.6%, 2.5%)
• 07/16 0830 PPI Ex Food and Energy MoM (0.1%, 0.2%), YoY (3.0%, 2.7%)
• 07/16 0830 PPI Ex Food, Energy, Trade MoM (0.1%, 0.2%), YoY (2.7%, --)
• 07/16 0830 New York Fed Services Business Activity (-13.2, --)
• 07/16 0915 Industrial Production MoM (-0.2%, 0.1%), Cap-U (77.4%, 77.4%)
• 07/16 0915 Cleveland Fed Hammack on community development (text, no Q&A)
• 07/16 1000 Fed Gov Barr on financial regulation (text, Q&A)
• 07/16 1400 Fed Beige Book
• 07/16 1730 NY Fed Williams on economic outlook/policy
• Source: Bloomberg Finance L.P. / MNI

Tuesday's Europe rates/bond options flow included:

• RXU5 128/127/126/125 put condor 7K given at 13/12
• RXU5 123.50 puts paper paid 3 on +4.5K
• ERU5 97.875/98.00 call spread 14K given at 11
• ERZ5 98.50/98.25 1x2 put spread 4.5K sold down to 6
• SFIZ5 96.25/96.05/95.85 put fly paper paid 3.25 on 5.5K. Was also lifted in 5.5K Monday
• SFIM6 97.40/97.50 call spread paper paid 1.25 on 10K