EUROZONE T-BILL ISSUANCE: W/C 25 May

• RES 3: 95.900 - High Jan 8 and a key short-term resistance 
• RES 2: 95.653 - 23.6% retracement Oct - Mar Downleg (cont)
• RES 1: 95.474 - 50-dma
• PRICE: 95.365 @ 15:09 BST Apr 22
• SUP 1: 95.268 - 1.0% Lower Bollinger Band
• SUP 2: 95.035 - Low Mar 22
• SUP 3: 94.407 - 1.0% 10-dma envelope

Markets rallied well into the Friday close on the back of significant Iran de-escalation - pushing prices well toward first key resistance into the 95.474 50-dma. Any progress above there opens 95.653, the 23.6% retracement for the downleg posted off the October high on the continuation contract. The bear mode set-up in MA studies is highlighting a dominant downtrend. In addition, any weakness through year-to-date lows at 95.560 has prompted further downside, opening vol-band support into 94.407. 

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