FED: US TSY 7Y NOTE AUCTION: HIGH YLD 4.194%; ALLOTMENT 55.87%

• RES 4: 1.1696 1.618 proj of the Feb 28 - Mar 18 - 27 price swing 
• RES 3: 1.1625 1.500 proj of the Feb 28 - Mar 18 - 27 price swing
• RES 2: 1.1608 High Nov 9 2021
• RES 1: 1.1573 High Apr 21 and the bull trigger  
• PRICE: 1.1394 @ 16:21 BST Apr 29
• SUP 1: 1.1308 Low Apr 23
• SUP 2: 1.1236 20-day EMA and a key support    
• SUP 3: 1.1144/0986 High Apr 3 / 50-day EMA and a pivot level     
• SUP 4: 1.0805 Low Apr 3  

Short-term weakness in EURUSD is considered corrective and the trend structure remains bullish. Moving average studies are in a bull-mode position signalling a dominant uptrend, and the latest move down is allowing an overbought condition to unwind. A resumption of gains would open 1.1608 next, the Nov 9 2021 high. Key support is unchanged at the 20-day EMA, at 1.1236. A break of this average would signal scope for a deeper retracement. 

• US Data/Speaker Calendar (prior, estimate)
• 30-Apr 0700 MBA Mortgage Applications (-12.7%, --)
• 30-Apr 0815 ADP Employment Change (155k, 115k) 
• 30-Apr 0830 US Tsy quarterly refunding annc
• 30-Apr 0830 Personal Consumption (4.0%, 1.2%)
• 30-Apr 0830 GDP Price Index (2.3%, 3.1%)
• 30-Apr 0830 GDP Annualized QoQ (2.4%, 0.3%)
• 30-Apr 0830 Core PCE Price Index QoQ (2.6%, 3.2%)
• 30-Apr 0830 Employment Cost Index (0.9%, 0.9%)
• 30-Apr 0945 MNI Chicago PMI (47.6, 45.9)
• 30-Apr 1000 Personal Income (0.8%, 0.4%); Spending (0.4%, 0.6%)
• 30-Apr 1000 PCE Price Index MoM (0.3%, 0.0%), YoY (2.5%, 2.2%)
• 30-Apr 1000 Core PCE Price Index MoM (0.4%, 0.1%), YoY (2.8%, 2.6%)
• 30-Apr 1000 Pending Home Sales MoM (2.0%, 1.0%), YoY (-7.2%, -5.6%)
• 30-Apr 1130 US Tsy $60B 17W bill auction

Tuesday's Europe rates/bond options flow included:

• ERU5 98.56c, bought for 3.25 in 6k
• ERU5 98.50/98.625cs vs 97.9375/97.8125ps, bought the cs for 0.75 in 5k
• ERH6 98.5625/98.1875ps 1x2, bought for 5.5 in 5k
• SFIZ5 96.80/97.10cs vs 2NZ5 96.90/97.20cs, bought the front for 0.25 in 9k