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(U2)‌‌ Buy The Dip Mentality Intact

  • RES 4: 121-28+ 1.382 proj of the 14 - 23 - 28 price swing
  • RES 3: 121-10 1.236 proj of the 14 - 23 - 28 price swing
  • RES 2: 120-19+ High May 26 and a key resistance
  • RES 1: 119-06/120-16+ High Jul 13 / High Jul 6 and the bull trigger
  • PRICE: 118-18+ @ 15:49 BST Jul 20
  • SUP 1: 117-18/12 Low Jul 8 / 50.0% of the Jun 14 - Jul 6 rally
  • SUP 2: 116-11 Low Jun 28 and a key near-term support
  • SUP 3: 115-20 Low Jun 17
  • SUP 4: 114-05+ Low Jun 14 and the bear trigger

Treasuries slipped through early Thursday trade, but rebounded sharply into the close following the ECB rate decision. This put prices back above the 118-00 handle to mount a test on first key resistance at 119-06, the Jul 13 high. This keeps the short-term outlook bullish and supports the view that pullbacks are deemed corrective for now. Key short-term support is at 116-11, Jun 28 low where a break would strengthen a bearish threat and signal scope for a deeper retracement.

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