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US TSYS

Off Asia Cheaps

JGBS AUCTION

PREVIEW: 2-Year JGB Supply Due

JGBS

Curve Twist Steepens, Futures Narrow

US EURODLR FUTURES

EDU2/Z2/H3 Fly Given

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  • RES 4: 173.93 High Aug 25
  • RES 3: 173.54 High Aug 31
  • RES 2: 172.95 76.4% retracement of the Aug - Nov sell-off
  • RES 1: 172.57 High Nov 22 and the bull trigger
  • PRICE: 171.71 @ 05:20 GMT Nov 26
  • SUP 1: 170.31 Low Nov 24
  • SUP 2: 170.06 Low Nov 5 and key near-term support
  • SUP 3: 168.98 Low Nov 3
  • SUP 4: 167.69 Low Nov 1 and the bear trigger

Bund futures are recovering from recent lows and importantly, support at 170.06, the Nov 5 low has remained intact. This suggests the recent move lower has been a correction and that a short-term uptrend remains intact. The break on Nov 19 of the 171.95 - 61.8% of the Aug - Nov sell-off opens 172.95, the 76.4% retracement. On the downside, sub 170.06 level would alter the picture and highlight a bearish threat.