ENERGY: US Oil and Gas Rigs Down 6 on Week at 578: Baker Hughes

• Treasury futures paring losses after the $39B 10Y note auction reopen (91282CMM0) stops through again: drawing 4.435% high yield vs. 4.467% WI; 2.67x bid-to-cover vs. 2.59x prior.
• Peripheral stats: indirect take-up climbs to high of 87.90% vs. 67.41% prior; direct bidder take-up falls to new low of 1.4% from 19.51% prior; primary dealer take-up 10.7% vs. 13.08% prior.
• The next 10Y auction (re-open) is tentatively scheduled for May 6.

• US TSY 9Y-10M NOTE AUCTION: HIGH YLD 4.435%; ALLOTMENT 59.99%
• US TSY 9Y-10M NOTE AUCTION: DEALERS TAKE 10.70% OF COMPETITIVES
• US TSY 9Y-10M NOTE AUCTION: DIRECTS TAKE 1.40% OF COMPETITIVES
• US TSY 9Y-10M NOTE AUCTION: INDIRECTS TAKE 87.90% OF COMPETITIVES
• US TSY 9Y-10M AUCTION: BID/CVR 2.67

• RES 4: 1.1276 High Jul 18 ‘23 
• RES 3: 1.1214 High Sep 25 2024 and a key resistance 
• RES 2: 1.1188 0.764 proj of the Feb 28 - Mar 18 - 27 price swing  
• RES 1: 1.1144 High Oct 1 2024 / High Apr 3 and the bull trigger     
• PRICE: 1.1048 @ 15:35 BST Apr 9
• SUP 1: 1.0882 Low Apr 7     
• SUP 2: 1.0844 20-day EMA     
• SUP 3: 1.0733 Low Mar 27 and a key short-term support     
• SUP 4: 1.0713 50-day EMA and a short-term pivot level

The trend condition in EURUSD is bullish and the latest pullback is considered corrective. Key resistance at 1.0955, Mar 18 high, was breached last week, confirming a resumption of the uptrend and this maintains the price sequence of higher highs and higher lows. Sights are on 1.1188 next, a Fibonacci projection. MA studies are in a bull-mode position highlighting a dominant uptrend. Initial firm support lies at 1.0844, the 20-day EMA.