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MNI: US MAY TREASURY BUDGET -$316.0B
- MNI: US MAY TREASURY BUDGET -$316.0B
EURGBP TECHS: Clears The 50-Day EMA
- RES 4: 0.8557 High Apr 28
- RES 3: 0.8541 High May 2
- RES 2: 0.8502 38.2% retracement of the Apr 11 - May 29 downleg
- RES 1: 0.8489 High Jun 11
- PRICE: 0.8481 @ 16:30 BST Jun 11
- SUP 1: 0.8407/8356 Low Jun 4 / Low May 29 and the bear trigger
- 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 traded higher again Wednesday and the cross is building on gains. The recovery has resulted in a break of resistance at 0.8441, the 50-day EMA. This highlights a potentially stronger reversal and exposes 0.8541, the May 2 high. For bears, support to watch lies at 0.8356, the May 29 low. Clearance of this level would resume the downtrend and open 0.8316, the Mar 28 low and a key support. Initial support has been defined at 0.8407, the Jun 4 low.
SECURITY: US Evacuation of Baghdad Embassy Supportive for Crude
The US embassy in Baghdad is readying for an evacuation amid rising regional security tensions, likely linked to concerns over failed nuclear talks with Iran, Reuters reported.
- Iran threatens to target US. bases if nuclear talks fail, heightening fears of military conflict, Reuters said.
- A military conflict would be bullish for oil prices as it would not only threaten Iraqi production, but also exports from the Persian Gulf, with Iran able to block the Straits of Hormuz.
- Around 20% of global oil supply passes through the Straits of Hormuz.
