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- Bunds have broken above the 20-day EMA and the August 13 high and which came in at 176.59/60. There is little in the way of headline news to back up this move.
- So far the break has been rather limited, with a high of 176.63 reached. This does reinforce the recent recovery but is not enough to change the wider bearish picture.
- It's a quiet day on the European data calendar with the FOMC Minutes tonight the highlight for wider markets. Tomorrow's ECB Accounts and Friday's flash PMIs will be closely watched by European markets.
- Today's price action will be important to see if there is follow through to the topside with the next resistance levels at 177.67 (August 7 high) and key resistance at 178.01 (the July 31/August 4 highs).
- Our technical analyst continues to look to the downside following last week's breach of the 50-dma and 175.53 Fibo levels, with focus on the July 2 low at 175.04.