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‌‌(U2)‌‌ Corrective Cycle Extends

US 10YR FUTURE TECHS
  • RES 4: 120-00 Round number resistance
  • RES 3: 119-16+ High Jun 1
  • RES 2: 119-03+ 76.4% retracement of the May 26 - Jun 14 bear leg
  • RES 1: 118-25+ 50-day EMA
  • PRICE: 118-05 @ 15:32 BST Jun 23
  • SUP 1: 116-25+ Intraday low
  • SUP 2: 115-20/114-07+ Low Jun 17 / Low Jun 14 and bear trigger
  • SUP 3: 114-00 Round number support
  • SUP 4: 113-19 Low Jun 19, 2009 (cont)

Treasuries continue to strengthen. Thursday’s gains have resulted in a break of the 20-day EMA suggesting potential for a continuation higher with the focus on 118-25+ next, the 50-day EMA. The primary trend direction remains down however and current gains are still considered corrective. Initial firm support to watch is 115-20, the Jun 17 low. A break would signal the end of the current corrective cycle and would open the bear trigger at 114-07+.

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