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(U2)‌‌ Bearish Price Action

US 10YR FUTURE TECHS
  • RES 4: 120-22 High Aug 10 and a key near-term resistance
  • RES 3: 119-31 High Aug 15
  • RES 2: 119-14+ High Aug 17
  • RES 1: 117-29/118-26+ High Aug 24 / 20-day EMA
  • PRICE: 117-12 @ 11:24 BST Aug 25
  • SUP 1: 117-03+ Low Aug 24
  • SUP 2: 116-26+ Low Jun 29
  • SUP 3: 116-11 Low Jun 28
  • SUP 4: 116-02+ 76.4% retracement of the Jun 14 - Aug 2 bull run

Treasuries maintain a bearish tone and the contract is trading closer to its recent lows. 117-07, 61.8% of the Jun 14 - Aug 2 bull cycle, has been pierced. A clear break of this area of support would strengthen the bearish case and signal scope for an extension lower towards 116-26+ next, the Jun 29 low. On the upside, initial firm resistance is seen at the 20-day EMA, at 118-26+.

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