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GERMAN AUCTION RESULTS

Technically uncovered Schatz auction (again)

BOND SUMMARY

NGEU and US PPI the highlights today

MARKET INSIGHT

Price Signal Summary - EURUSD Appears Vulnerable

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  • RES 4: 1.2243 High Feb 25 and a key resistance
  • RES 3: 1.2184 High Feb 26
  • RES 2: 1.2150 High Apr 29 and the bull trigger
  • RES 1: 1.2076 High May 3
  • PRICE: 1.2065 @ 06:02 BST May 7
  • SUP 1: 1.1992/86 50-day EMA / Low May 5
  • SUP 2: 1.1943 Low Apr 19
  • SUP 3: 1.1861 Low Apr 7 and 8
  • SUP 4: 1.1795 Low Apr 6

EURUSD bounced yesterday. Short-term gains appear to be a correction though and a bearish theme remains in place following the recent move lower from 1.2150, Apr 29 high. This highlighted a failed attempt to confirm a clear break of a bear channel top drawn off the Jan 6 high. A firm support is at 1.2018/1992, the 20 and 50-day EMAs. This zone has been probed, a breach would trigger a stronger sell-off. Clearance of 1.2150 reinstates the uptrend.