EUROZONE T-BILL ISSUANCE: W/C 25 August

• RES 4: 151.21 High Mar 28
• RES 3: 150.49 High Apr 2  
• RES 2: 149.38 50.0% retracement of the Jan 10 - Apr 22 bear leg 
• RES 1: 148.71/149.18 Intraday high / High Jul 16 and the bull trigger
• PRICE: 148.28 @ 06:47 BST Jul 29
• SUP 1: 146.92 20-day EMA
• SUP 2: 146.11/145.86 50-day EMA / Low Jul 24 
• SUP 3: 145.16 61.8% retracement of the Jul 1 - 16 bull cycle
• SUP 4: 144.21 76.4% retracement of the Jul 1 - 16 bull cycle  

A bull cycle in USDJPY remains in place. The latest recovery signals the end of the corrective phase between Jul 16 - 24. Attention is on key resistance and the bull trigger at 149.18, the Jul 16 high. A break of this hurdle would confirm a resumption of the uptrend. Pivot support to monitor is 146.11, the 50-day EMA. A clear breach of it would instead signal scope for stronger reversal. First support is at 146.92, the 20-day EMA.

Italy and Greece are both still due to sell bills this week while France came to the market yesterday. We expect issuance to be E14.3bln in first round operations, down from E17.7bln last week.

• This morning, Italy will look to issue E6.5bln of the new 6-month Jan 30, 2026 BOT.
• Tomorrow morning, Greece will look to come to the market with E500mln of the new 13-week Oct 31, 2025 GTB.

• RES 4: 5575.00 High Mar 3 and a major resistance (cont) 
• RES 3: 5526.00 High Mar 19 / 20 (cont)
• RES 2: 5486.00/88.00 High May 20 and a bull trigger / High Jul 10
• RES 1: 5449.00 High Jul 27   
• PRICE: 5364.00 @ 06:21 BST Jul 29 
• SUP 1: 5292.00 Low Jul 22   
• SUP 2: 5281.00/5194.00 Low Jul 1 & 4 / Low Jun 23 and bear trigger
• SUP 3: 5138.00 High Apr 30 
• SUP 4: 5078.00 Low Apr 30  

The trend condition in Eurostoxx 50 futures remains bullish and short-term weakness for now, appears corrective. Support at 5281.00, the Jul 1 / 4 low, remains intact. A clear break of this level would strengthen a bearish threat. For bulls, a resumption of gains would refocus attention on key resistance and the bull trigger at 5486.00, the May 20 high. It has recently been pierced, a clear breach of it would resume the bull cycle and open 5500.00.