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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

COMMODITIES

Copper Hits 7-Week Lows As China Seen Curbing Prices

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  • RES 4: 0.8791/8845 High Feb 12 / 2.0% 10-dma envelope
  • RES 3: 0.8731 High Feb 26
  • RES 2: 0.8701/21 High May 7 / High Apr 26 and the bull Trigger
  • RES 1: 0.8663 50-day EMA
  • PRICE: 0.8597 @ 16:17 BST May 11
  • SUP 1: 0.8589/88 Low Apr 19 and a key support / Low May 10 / 11
  • SUP 2: 0.8567 61.8% retracement of the Apr 5 - 26 rally
  • SUP 3: 0.8472 Low Apr 5 and the bear trigger
  • SUP 4: 0.8430 Low Feb 27, 2020

EURGBP started the week on a bearish note and traded sharply lower yesterday. Attention is on support at 0.8589, Apr 19 low where a clear break would see the cross move out of its recent range and confirm a bearish breakout. This would suggest scope for a deeper pullback, potentially towards the key support at 0.8472, Apr 5 low. The key resistance and bull trigger is unchanged at 0.8721.