FED: US TSY 30Y BOND AUCTION: HIGH YLD 5.046%; ALLOT 72.06%

• RES 4: 1.1825 61.8% retracement of the Jan 27 - Mar 13 bear leg 
• RES 3: 1.1796 High Mar 2 
• RES 2: 1.1746 50.0% retracement of the Jan 27 - Mar 13 bear leg    
• RES 1: 1.1739 High Apr 10
• PRICE: 1.1706 @ 16:11 BST Apr 13
• SUP 1: 1.1602/1505 20-day EMA / Low Apr 6 and a key S/T support
• SUP 2: 1.1443/11 Low Mar 30 / Low Mar 13 & 16 and the bear trigger
• SUP 3: 1.1373 1.764 proj of the Jan 27 - Feb 6 - 10 price swing
• SUP 4: 1.1340 38.2% retracement of the Feb 3 ‘25 - Jan 27 bull cycle

EURUSD is trading closer to its recent highs. Last week’s gains mark an extension of what still appears to be a corrective cycle. Price has traded through both the 20- and 50-day EMAs and sights are on 1.1746 next, a Fibonacci retracement. Note that trend signals continue to highlight a dominant downtrend. Initial firm support to watch lies at 1.1505, the Apr 6 low. A break of it would signal a bear reversal.      

• Sentiment improved amid flurry of midday headlines regarding the Hormuz straight between the US and Iran, negotiations continuing even after the US blockade deadline had passed.
• TYM6 trades +2 at 111-05 vs. 111-06 high, important resistance at 111-19+, the 50-day EMA. A clear break of this average is required to signal scope for a stronger recovery and open 111-31, a Fibonacci retracement.
• Support for crude is waning, WTI below $100/bbl to appr $99.50/bbl vs. $105.50/bbl overnight high.
• Stocks are gaining: DJIA +.02%, SPX emini +.40%, Nasdaq +0.6%.

Monday's Europe rates/bond options flow included:

• RXK6 126/126.5cs, bought for 9.5 in 2k
• RXM6 121.50/118.50ps 1x1.5, bought for 10.5 up to 11 in 10k
• ERM6 97.75c, sold at 3.25 in 25k vs 5k at 97.545