FED: US TSY 30Y BOND AUCTION: HIGH YLD 4.813%; ALLOT 73.95%

• US TSY 3Y NOTE AUCTION: HIGH YLD 3.891%; ALLOTMENT 19.35%
• US TSY 3Y NOTE AUCTION: DEALERS TAKE 16.51% OF COMPETITIVES
• US TSY 3Y NOTE AUCTION: DIRECTS TAKE 29.38% OF COMPETITIVES
• US TSY 3Y NOTE AUCTION: INDIRECTS TAKE 54.11% OF COMPETITIVES
• US TSY 3Y AUCTION: BID/CVR 2.51

• RES 4: 1.1967 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
• PRICE: 1.1699 @ 16:13 BST Jul 8
• SUP 1: 1.1687 Low Jul7
• SUP 2: 1.1637 20-day EMA
• SUP 3: 1.1590 Low Jun 25  
• SUP 4: 1.1458 50-day EMA

The trend condition in EURUSD is unchanged, signals remain bullish and the pullback that extended Tuesday appears corrective. MA studies are in a bull-mode position, this continues to highlight a dominant medium-term uptrend. Note 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 1.1637, the 20-day EMA.       

• Treasuries remain weaker, off lows and trading sideways heading into the $58B 3Y note auction at the top of the hour, no reaction to myriad tariff related headlines from Pre Trump.
• Currently, Sep'25 10Y trades -5.5 at 110-24 (110-21.5L / 111-01.5H), above initial technical support at 110-17 61.8% of the May 22 - Jul 1 bull leg
• Curves bear steepen: 2s10s +2.288 at 50.563; 5s30s +0.781 at 96.342.
• USD off highs, Bbg index BBDXY +2.33 at 1198.84 vs. 1199.72 high. Stocks holding mixed, Nasdaq outperforming (+32.0) vs. weaker DJIA (-111.0).