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(M1) Remains Above Recent Lows

BUND TECHS
  • RES 4: 172.34 High Mar 29
  • RES 3: 172.12 High Apr 8 and key near-term resistance
  • RES 2: 171.62 High Apr 14
  • RES 1: 171.22/27 20-day EMA / High APr 22
  • PRICE: 170.93 @ 05:08 BST Apr 23
  • SUP 1: 170.05 76.4% retracement of the Feb 25 - Mar 25 rally
  • SUP 2: 170.00 Round number support
  • SUP 3: 169.24 Low Feb 24 and major support
  • SUP 4: 168.96 0.618 proj of the Jan 27 - Feb 25 - Mar 25 price swing

Bund futures are trading closer to recent highs following this week's recovery from Tuesday's low. The contract has tested its 20-day EMA at 171.22. A break of this average would strengthen a short-term bullish theme and signal scope for a stronger recovery. This would open 171.62, Apr 14 high. The recent focus has been on the potential for a move lower. Price needs to trade through the 171.05 Fibonacci retracement to resume bearish pressure.

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