US 10YR FUTURE TECHS: (H6) Still Below 50-Day EMA

• RES 4: 112-31   High Dec 18 and key short-term resistance
• RES 3: 113-04   76.4% retracement of the Nov 25 - Jan 20 bear leg  
• RES 2: 112-22   High Jan 7
• RES 1: 112-16+ High Feb 6
• PRICE:‌‌ 111-31  @ 11:41 GMT Feb 09
• SUP 1: 111-29/09 20-day EMA / Low Jan 20 and the bear trigger
• SUP 2: 111-00   Round number support
• SUP 3: 110-30+ 1.618 proj of the Oct 17 - Nov 5 - 25 price swing  
• SUP 4: 110-22+ 1.764 proj of the Oct 17 - Nov 5 - 25 price swing

A sharp rally in Treasuries Thursday resulted in a breach of the 20- and 50-day EMAs. Nonetheless, the fade off highs cements the bearish M/T condition - which suggests that the latest recovery is likely a correction. However, an extension higher would undermine the bear theme and open 112.-22, the Jan 7 high. For bears, a reversal lower would refocus attention on 111-09, the Jan 20 low and bear trigger.