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GERMAN AUCTION RESULTS

Technically uncovered Schatz auction (again)

BOND SUMMARY

NGEU and US PPI the highlights today

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  • RES 4: 135.180 High Apr 14
  • RES 3: 135.050 High Apr 22
  • RES 2: 135.040 High May 6
  • RES 1: 134.881 20-day EMA
  • PRICE: 134.550 @ 05:20 BST May 12
  • SUP 1: 134.466 76.4% retracement of the Feb 26 - Mar 25 rally
  • SUP 2: 134.140 Low Feb 26 and key support
  • SUP 3: 134.000 Round number support
  • SUP 4: 133.340 Low Mar 19, 2020 (cont)

Bobl futures traded sharply lower yesterday and in the process breached key short-term support at 134.560, May 3 low. This confirms a resumption of the bearish cycle that started Mar 25. The break lower and resumption of weakness signals scope for a move towards 134.466 next, a Fibonacci retracement. Clearance of this level would expose the key support at 134.140, this year's low. Key resistance is at 135.040, May 6 high.