ENERGY: US Oil and Gas Rigs Down 1 on Week at 539: Baker Hughes

• Treasury futures holding near session highs (TYU5 +11 at 111-04, 4.3616% yld) after the $39B 10Y note auction re-open (91282CNC1) stops .3bp through: drawing 4.362% high yield vs. 4.365% WI; 2.61x bid-to-cover vs. 2.52x prior.
• Peripheral stats: indirect take-up retreats to 65.42% vs. 70.56% prior; direct bidder take-up at 23.70% from 20.48% prior; primary dealer take-up 10.87% vs. 8.96% prior.
• The next 10Y auction (re-open) is tentatively scheduled for August 6.

• US TSY 9Y-10M NOTE AUCTION: HIGH YLD 4.362%; ALLOTMENT 94.68%
• US TSY 9Y-10M NOTE AUCTION: DEALERS TAKE 10.87% OF COMPETITIVES
• US TSY 9Y-10M NOTE AUCTION: DIRECTS TAKE 23.70% OF COMPETITIVES
• US TSY 9Y-10M NOTE AUCTION: INDIRECTS TAKE 65.42% OF COMPETITIVES
• US TSY 9Y-10M AUCTION: BID/CVR 2.61

• RES 4: 1.1979 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: 1.1829 High Jul 01 and the bull trigger 
• PRICE: 1.1711 @ 16:15 BST Jul 9
• SUP 1: 1.1687 Low Jul 7
• SUP 2: 1.1637 20-day EMA
• SUP 3: 1.1590 Low Jun 25  
• SUP 4: 1.1458 50-day EMA

The latest pullback in EURUSD appears corrective. The trend condition is unchanged, it remains bullish - moving average studies continue to highlight a dominant medium-term uptrend. Note too that corrections have been shallow. This also reinforces the trend condition. A resumption of gains would signal scope for a climb to 1.1851, the Sep 10 2021 high. Key short-term support to watch lies at 1.1646, the 20-day EMA.