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Review 20Y Bond Auction - Large Tail

EURUSD TECHS

Still Trading Inside The Bear Channel

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(U2) Bearish Focus

BTP TECHS
  • RES 4: 123.88 Low May 9 and a recent breakout level
  • RES 3: 121.90 20-day EMA
  • RES 2: 119.99 High Jun 10
  • RES 1: 118.68 High Jun13
  • PRICE: 117.81 @ Close Jun 15
  • SUP 1: 113.78 Low Jun 14
  • SUP 2: 113.22 3.764 proj of the May 12 - 24 - 26 price swing
  • SUP 3: 112.31 4.00 proj of the May 12 - 24 - 26 price swing
  • SUP 4: 110.83 4.382 proj of the May 12 - 24 - 26 price swing

The primary trend condition in BTP futures remains bearish and the recovery from recent lows is likely a correction. A bearish theme was reinforced Tuesday as price traded lower, confirming an extension of the downtrend. The move lower also maintains the bearish price sequence of lower lows and lower highs. 120.00 has been cleared, the focus is on 113.22 next, a Fibonacci projection. Initial firm resistance is at 121.90, the 20-day EMA.

BTP TECHS: (U2) Bearish Focus

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  • RES 4: 123.88 Low May 9 and a recent breakout level
  • RES 3: 121.90 20-day EMA
  • RES 2: 119.99 High Jun 10
  • RES 1: 118.68 High Jun13
  • PRICE: 117.81 @ Close Jun 15
  • SUP 1: 113.78 Low Jun 14
  • SUP 2: 113.22 3.764 proj of the May 12 - 24 - 26 price swing
  • SUP 3: 112.31 4.00 proj of the May 12 - 24 - 26 price swing
  • SUP 4: 110.83 4.382 proj of the May 12 - 24 - 26 price swing

The primary trend condition in BTP futures remains bearish and the recovery from recent lows is likely a correction. A bearish theme was reinforced Tuesday as price traded lower, confirming an extension of the downtrend. The move lower also maintains the bearish price sequence of lower lows and lower highs. 120.00 has been cleared, the focus is on 113.22 next, a Fibonacci projection. Initial firm resistance is at 121.90, the 20-day EMA.

BTP TECHS: (U2) Bearish Focus

Keep reading...Show less