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  • US 10Yr futures remain under pressure.
  • The contract last week confirmed a clear break of a key support at 132-21+, Aug 11 low.
  • This marks a resumption of the bear cycle that started Aug 4 with a bearish price sequence of lower lows and lower highs established.
  • A number of support levels have been cleared and attention is on 131-11 next, a Fibonacci projection. 132-21+ marks initial resistance.
  • Support levels to watch:
    • SUP 1: 131-14 Low Jun 17 (cont)
    • SUP 2: 131-11+ 1.236 projection of the Aug 4 - 11 - 17 price swing
    • SUP 3: 131-01 1.382 projection of the Aug 4 - 11 - 17 price swing
    • SUP 4: 131-03+ Low Jun 25
  • Bunds are lower too. The next support levels to watch are:
    • SUP 1: 169.65 1.382 projection of the Sep 9 - 17 - 21 price swing
    • SUP 2: 169.46 1.50 projection of the Sep 9 - 17 - 21 price swing
  • Gilt futures support levels that appear exposed are:
    • SUP 1: 125.48 1.00 projection of the Aug 31 - Sep 17 - 21 price swing
    • SUP 2: 124.96 1.236 projection of the Aug 31 - Sep 17 - 21 price swing