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Price Signal Summary - Bunds Remain Vulnerable

  • In the FI space, Bund futures traded lower Thursday as the contract extended the pullback from 139.54, the Mar 24 high. Price has breached a key support at the 20-day EMA which intersects at 135.53. It represents an important pivot level and the break strengthens a bearish threat. 134.80, the Mar 22 low, has been tested. A breach of this level would open 134.15, 61.8% of the Mar 2 - 20 rally. Initial resistance is at 136.77, Thursday’s high.
  • Gilt futures are trading lower and the contract maintains a bearish short-term tone. This week’s move down has resulted in a break of support at the 20-day EMA which intersects at 103.71. The average represents an important short-term support and the clear break signals scope for a continuation lower near-term. 102.84 has been tested, the Mar 22 low. A clear break of it would open 102.31, 61.8% of the Feb 28 - Mar 20 rally. On the upside, initial resistance is at 104.47, Thursday’s high.

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