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(U1) Bearish Risk Still Present

BUND TECHS
  • RES 4: 177.69 1.764 proj of the May 19 - Jun 11 - Jun 22 price swing
  • RES 3: 177.61 High Aug 05 and the bull trigger
  • RES 2: 177.24 High Aug 17 and 19
  • RES 1: 176.87 High Aug 25
  • PRICE: 176.39 @ 04:56 BST Aug 31
  • SUP 1: 175.66 Low Aug 27
  • SUP 2: 175.45 50-day EMA
  • SUP 3: 175.04 Trendline support drawn from the May 19 low
  • SUP 4: 174.64 50.0% retracement of the Jul 22 - Aug 5 rally

Bund futures are firmer but remain vulnerable. The contract traded sharply lower on Aug 25 and moved below its 20-day EMA and support at 176.21, Aug 11 low. This suggests scope for a deeper short-term corrective pullback with attention still on the 50-day EMA at 175.45. On the upside, price would need to move above the Aug 25 high of 176.87 to ease the current bearish threat. This would open 177.24, the Aug 17 and 19 high.

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