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Price Signal Summary - Resistance In Bunds At The 50-Day EMA Remains Intact

OUTLOOK
  • In the FI space, the latest recovery in Bund futures from 129.37, the May 31 low, appears to be a correction - for now. The contract has breached the 20-day EMA and the next resistance to watch is 131.73, the 50-day EMA. A clear break of this average is required to suggest scope for a stronger recovery. For bears, a reversal lower would expose 129.37, the May 31 low, and a break of this level would resume the downtrend and open the 129.00 handle.
  • Gilt futures have traded higher this week and the contract is holding on to its gains. For now, the recent climb is considered corrective. The next resistance to watch is 98.04, 76.4% of the May 16 - 29 bear cycle. A clear break of this handle would strengthen the current bull phase and open 98.89, the May 16 high. A reversal lower would refocus attention on key support at 95.33, the May 29 low.
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