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(H1) Trades Below Key Support

  • RES 4: 135.370 High Jan 29
  • RES 3: 135.173 50-day EMA
  • RES 2: 135.150 High Feb 11
  • RES 1: 134.85 Intraday high
  • PRICE: 134.770 @ 09:29 GMT Feb 15
  • SUP 1: 134.760 Intraday low
  • SUP 2: 134.790 Low Feb 5 and the bear trigger
  • SUP 3: 134.620 1.00 proj of Dec 11 - Jan 12 sell-off from Jan 27 high
  • SUP 4: 134.530 Low Sep 1, 2020 (cont)

BOBL futures have also started the week on a softer note and price has trade below the key support and bear trigger at 134.790, Feb 5 low. The break strengthens a bearish argument and confirms a resumption of the underlying downtrend. This signals scope for 134.620 next, a Fibonacci projection. Initial firm resistance is seen at 134.850, today's intraday high ahead of 135.150, the Feb 11 high and the key trend resistance.

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