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(M2) Heading South
- RES 4: 132.370 High Mar 10
- RES 3: 131.550 High Mar 11
- RES 2: 131.207 20-day EMA
- RES 1: 130.300 Low Mar 16
- PRICE: 129.690 @ 05:07 GMT Mar 23
- SUP 1: 129.544 123.6% retracement of the Feb 8 - Mar 7 upleg
- SUP 2: 129.008 138.2% retracement of the Feb 8 - Mar 7 upleg
- SUP 3: 128.820 Low Dec 4 2015 (cont)
- SUP 4: 128.340 Low Sep 17 2015 (cont)
Bobl futures remain vulnerable. The contract has traded through last week’s low of 130.300 on Mar 16. This has confirmed a resumption of the underlying downtrend and maintains the broader bearish price sequence of lower lows and lower highs. The break lower paves the way for a move towards 129.544 next, the 123.6% retracement of the Feb 8 - Mar 7 upleg. The 20-day EMA at 131.207 is seen as a firm resistance.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.