SCHATZ TECHS: (Z5) Approaching Support At The 20-Day EMA

Greece and Italy are still due to sell bills this week, while Germany, France and Austria have already come to the market. We expect issuance to be E21.6bln in first-round operations, up from E19.1bln last week.

• This morning, Greece will look to sell E500mln of the new 26-week Mar 27, 2027 GTB.
• Finally on tomorrow morning, Italy will look to hold a BOT auction, with E6.5bln of the new 6-month Mar 31, 2026 BOT on offer. 

• RES 4: 5600.00 Round number resistance 
• RES 3: 5564.82 0.764 proj of the Aug 1 - 22 - Sep 2 price swing  
• RES 2: 5525.00 High Aug 22 and a bull trigger  
• RES 1: 5506.00 High Sep 23     
• PRICE: 5470.00 @ 06:23 BST Sep 23
• SUP 1: 5417.44/5366.00 20-day EMA / Low Sep 17
• SUP 2: 5302.00 Low Sep 2 and a key short-term support  
• SUP 3: 5262.18 76.4% retracement of the Aug 1 - 22 bull leg   
• SUP 4: 5181.00 Low Aug 1 and key support  

Eurostoxx 50 futures are trading closer to their recent highs. The contract recently cleared resistance around the 20-day EMA - a bullish development - and the subsequent rally reinforces a bullish theme. The move signals potential for a climb towards 5525.00, the Aug 22 high and a bull trigger. On the downside, key support to monitor is 5302.00, the Sep 2 low. Clearance of this level is required to reinstate a bearish theme.

• RES 4: 0.8835 High May 3 2023  
• RES 3: 0.8800 Round number resistance 
• RES 2: 0.8769 High Jul 28 and the bull trigger 
• RES 1: 0.8746 High Sep  
• PRICE: 0.8735 @ 06:33 BST Sep 24
• SUP 1: 0.8653/8597 50-day EMA / Low Aug 14 and the bear trigger
• SUP 2: 0.8562 50.0% retracement May 29 - Jul 28 upleg 
• SUP 3: 0.8540 Low Jun 30 
• SUP 4: 0.8514 61.8% retracement May 29 - Jul 28 upleg

EURGBP is trading at its recent highs and a bullish theme remains intact. The latest recovery paves the way for an extension towards the bull trigger at 0.8769, the Jul 28 high. Clearance of this level would strengthen the bullish theme. Support to watch lies at 0.8597, the Aug 14 low. A breach of this level would instead cancel a bull theme and reinstate a recent bearish threat. First support is 0.8653, the 50-day EMA.