US 10YR FUTURE TECHS: (U4) Bull Cycle Remains In Play

• RES 4: 112-25   High Mar 8 
• RES 3: 111-31   1.382 proj of the Apr 25 - May 16 - 29 price swing
• RES 2: 111-13   High Mar 25 
• RES 1: 111-10+ High Jul 8 
• PRICE:‌‌ 111-04 @ 16:45 BST Jul 12
• SUP 1: 110-07+/109-31 20- and 50-day EMA values 
• SUP 2: 109-02+/109-00+ Low Jul 1 / Low Jun 10 and key support
• SUP 3: 108-27+ Low Jun 3   
• SUP 4: 108-22+ Trendline drawn from the Apr 25 low 

Treasuries rallied Thursday and held the bulk of the upside into the Friday close. This confirms an extension of the bull cycle that started Jul 1. The move higher has resulted in a breach of 111-01, the Jun 14 high. This cancels a recent bearish threat and instead signals scope for an bullish continuation near-term with the focus on 111-13 next, the Mar 25 high. Clearance of this hurdle would open 111-31, a Fibonacci projection. Initial firm support is at 110-07+, the 20-day EMA.