SCHATZ TECHS: (U5) Monitoring Support

• RES 4: 0.8557 High Apr 28  
• RES 3: 0.8541 High May 2 
• RES 2: 0.8493 High May 9  
• RES 1: 0.8440/59 50-day EMA and key resistance / High May 21 
• PRICE: 0.8424 @ 06:41 BST Jun 9 
• SUP 1: 0.8356 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 is unchanged and a bear cycle remains in play. A key short-term resistance to watch is 0.8440, the 50-day EMA. It has been pierced, however, a clear break of it is required to highlight a stronger reversal. This would expose 0.8541. 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. 

Spain, Belgium, France and Italy are due to sell bills this week. We expect issuance to be E21.0bln in first-round operations, down from E27.7bln last week.

• Tomorrow morning, Spain will look to sell the 3-month Sep 5, 2025 letras and the 9-month Mar 6, 2026 letras, with size details set to be announced today.
• Also tomorrow, Belgium will look to issue a combined E2.2-2.6bln of TCs: An indicative E0.8bln of the 3-month Sep 11, 2025 TC and an indicative E1.6bln of the 12-month Jun 11, 2026 TC.
• Tomorrow afternoon, France will look to come to the market with a combined E7.4bln of 13/14/27/49-week BTFs: E0.1-0.5bln of the 13-week Sep 10, 2025 BTF; E2.8-3.2bln of the new 14-week Sep 17, 2025 BTF; E1.4-1.8bln of the 27-week Dec 17, 2025 BTF; and E1.5-1.9bln of the 49-week May 20, 2026 BTF. The auction is held on Tuesday due to the Whit Monday public holiday on Monday.
• Finally on Wednesday morning, Italy will look to sell E8.5bln of the new 12-month Jun 12, 2026 BOT.

• RES 4: 5600.00 Round number resistance    
• RES 3: 5565.23 1.618 proj of the Apr 7 - 9 - 10 price swing
• RES 2: 5516.00 High Mar 3 and the key bull trigger
• RES 1: 5475.00 High May 20  
• PRICE: 5419.00 @ 06:22 BST Jun 9 
• SUP 1: 5362.38 20-day EMA
• SUP 2: 5280.33 50-day EMA and a key support 
• SUP 3: 5142.00 Low May 2         
• SUP 4: 5055.00 Low Apr 30  

The trend cycle in Eurostoxx 50 futures remains bullish and the contract is trading closer to its recent highs. Moving average studies are in a bull-mode position, highlighting a clear dominant uptrend. Sights are on 5516.00, the Mar 3 high and the key bull trigger. Clearance of this level would strengthen a bull theme. Key support to watch lies at 5280.33, the 50-day EMA. A clear break of this average would signal a possible reversal.