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(H1) Bearish Risk Remains Present

  • RES 4: 135.480 High Jan 27 and key resistance
  • RES 3: 135.370 High Jan 29
  • RES 2: 135.187 50-day EMA
  • RES 1: 135.100 20-day EMA
  • PRICE: 135.040 @ 05:06 GMT Feb 11
  • SUP 1: 134.790 Low Feb 5 and the bear trigger
  • SUP 2: 134.620 1.00 proj of Dec 11 - Jan 12 sell-off from Jan 27 high
  • SUP 3: 134.530 Low Sep 1, 2020 (cont)
  • SUP 4: 134.450 Low Aug 14, 2020 (cont)

BOBL futures gains are considered corrective. A weaker outlook remains intact following the recent sell-off from 135.480, Jan 27 high. This downleg has seen price trade below support at 134.970, Jan 22 low and 134.840, Jan 12 low and a bear trigger. The break of the latter level strengthens a bearish argument and signals scope for a 134.620, a Fibonacci projection. Initial firm resistance is seen at the Feb 5 high of 135.100.

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