As expected Bunds traded higher up to 142.00, and then traded back down to 141.62 where it found support before trading back down to 141.45 where it stayed for sometime on the 50% fib level, before making a low of 141.35 and bouncing immediately. We saw buyers back in the market here and as the Euro came under pressure the bund traded back up to 141.62 although it failed to climb up to the 142.17 this is still the target for today the 61.8% fib level from from the 23rd july. Bunds will meet resistance at 141.64 this is now a double top on the hourly’s, attempt longs on a break the first target will be 141.95 the 100% fib level from the 17th Sept where we should cover long’s. Re-instate longs on a break of 142.00 the first resistance will be 142.17 if we break above here take us to 142.62 100% from the 29th Aug. The daily charts are positive along with tbe hourly’s but the 240 mins are negative, therefore it could be another day of Euro watching.
We now see support at 141.53 this is the 9 day MA on the 240 mins, below here we have support at 141.46/45 the 50% fib level and pivot point. A break here will take us lower to 141.28 and then 141.11 will offer support.
The article was first published by CharmerCharts