(H1) Consolidating But Remains Bearish

• RES 4: 178.12 High Jan 27 and the bull trigger
• RES 3: 177.66 High Jan 29
• RES 2: 176.86 20-day EMA
• RES 1: 176.48/70 High Feb 5 / High Feb 3
• PRICE: 176.29 @ 04:59 GMT Feb 11
• SUP 1: 176.61 Low Feb 8 and 1.236 proj of Jan 4 - 12 - 27 swing
• SUP 2: 175.31 1.382 proj of Jan 4 - 12 sell-off from Jan 27 high
• SUP 3: 175.07 1.50 proj of Jan 4 - 12 sell-off from Jan 27 high
• SUP 4: 174.84 1.618 proj of Jan 4 - 12 sell-off from Jan 27 high

Bund futures are consolidating but maintain a bearish theme with the focus on 175.61, Feb 8 low. The recent sell-off has seen price trade through support at 176.89, Jan 29 low, a short-term trendline drawn off the Jan 12 low and 176.34, the low on Jan 12. Furthermore, the sell-off on Feb 5 resulted in a breach of support at 175.84, Nov 11 low. A resumption of weakness would open 175.31, a Fibonacci projection. Initial resistance is seen at 176.48.