(Z17) Decline Continues, Heads For.......>

BUND TECHS: (Z17) Decline Continues, Heads For 161.11-161.08 Test

*RES 4: 162.25/27 Series hourly highs/lows Oct 18-19

*RES 3: 162.04/12 Oct 19 low, opening gap Oct 19-20

*RES 2: 161.78 Oct 23 high

*RES 1: 161.55/65 Hourly resistance

*PRICE: 161.25 @0828GMT                                   

*SUP 1: 161.11 Oct 11 low, 76.4% Fibo of 160.59-162.78

*SUP 2: 160.84 76.4% Fibo of 160.24-162.783

*SUP 3: 160.59 Oct 6 low

*SUP 4: 160.24 Sep 28 low, 1% volatility band

*COMMENTARY* Recovery faltered at 161.78 and fresh downside pressure has ensued.

This has seen the Oct 20 low at 161.35 give way, beneath which the key 161.11

level comes into view. The swing target of the recent 161.35-161.78 rise comes

in at the slightly lower 161.08 level, so allowance to be made for this. Have to

hold around here to retain recent upside momentum gained since the 160.59 low of

Oct 6. Meanwhile, 161.55-65 provides initial resistance ahead of that 161.78.