A bullish theme in Treasuries remains intact and Tuesday’s gains reinforce current conditions. The recent breach of the 112-31 level, an area of congestion since Nov 5, marks an important short-term bullish development. This exposes 113-29+, the Oct 17 high and a key resistance. On the downside, initial support is at 112-30, the 20-day EMA. Support at the 50-day EMA, lies at 112-25.
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