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Price Signal Summary - Recovery In Bunds Leaves Support At The 20-Day EMA Intact

OUTLOOK
  • In the FI space, Bund futures remain volatile and the contract has recovered from its intraday low of 133.33. The bounce leaves support at 133.19 intact, the 20-day EMA, where a break is required to signal scope for a deeper retracement from Monday’s high. A continuation higher would expose the key resistance and bull trigger at 137.24, the Mar 13 high. On the downside, weakness below 133.19 would instead expose 132.98,61.8% retracement of the Mar 2 - 13 rally.
  • Gilt futures remain volatile and the contract has recovered from today’s 103.12 low. The pullback from Monday’s high is considered corrective and has allowed a short-term overbought condition to unwind. Support to watch is 101.87, a Fibonacci retracement. A break of this level would signal scope for a deeper pullback and undermine the recent bull theme. Key resistance is at 106.20, Mar 13 high. First resistance is 104.62 61.8% retracement of Tuesday’s sell-off.
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