BOBL TECHS: (M5) Trading Closer To Its Recent Highs
- RES 4: 118.090 High Mar 5
- RES 3: 117.850 Low Feb 20
- RES 2: 117.645 50.0% retracement of the Feb 28 - Mar 6 sell-off
- RES 1: 117.460 High Mar 21
- PRICE: 117.210 @ 05:59 GMT Mar 26
- SUP 1: 116.800 Low Mar 17
- SUP 2: 116.470/250 Low Mar 12 / 6 and the bear trigger
- SUP 3: 116.309 3.618 proj of the minor Feb 28 - Mar 3 - 4 price swing
- SUP 4: 116.309 3.618 proj of the minor Feb 28 - Mar 3 - 4 price swing
Bobl futures are trading closer to their recent highs and remain in a short-term bull cycle - a correction. The recent trend condition was oversold and the move higher has allowed this set-up to unwind. The primary trend direction is down. Former support at 117.850, the Feb 20 low, was cleared on March 5, and the recent sell-off signals scope for an extension towards 116.000. Firm resistance to watch is seen at 117.850, the Feb 20 low.
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GBPUSD TECHS: Bullish Price Sequence
- RES 4: 1.2811 High Dec 6 ‘24
- RES 3: 1.2805 2.0% 10-dma envelope
- RES 2: 1.2767 50.0% retracement of the Sep 26 ‘24 - Jan 13 bear leg
- RES 1: 1.2691 Intraday high
- PRICE: 1.2672 @ 06:11 GMT Feb 24
- SUP 1: 1.2563 Low Feb 19
- SUP 2: 1.2518 50-day EMA
- SUP 3: 1.2440 Low Feb 13
- SUP 4: 1.2333 Low Feb 11 and a key support
A bull cycle in GBPUSD remains in play and the pair has again traded to a fresh cycle high, today. Fresh gains confirm a resumption of the uptrend and maintain the current sequence of higher highs and higher lows. An extension would strengthen the bullish condition and open 1.2767, the 50.0% retracement of the Sep 26 ‘24 - Jan 13 bear leg. Initial firm support to watch is 1.2518, the 50-day EMA.
BOBL TECHS: (H5) Monitoring Resistance
- RES 4: 118.258 61.8% retracement of the Dec 2 - Jan 14 bear leg
- RES 3: 117.980 High Feb 3 / 5 and a reversal trigger
- RES 2: 117.600 High Feb 13 and a key short-term resistance
- RES 1: 117.530 High Feb 21
- PRICE: 117.350 @ 05:46 GMT Feb 24
- SUP 1: 116.870 Low Feb 19
- SUP 2: 116.700 Low Jan 30
- SUP 3: 116.550 Low Jan 24
- SUP 4: 116.280 Low Jan 14 / 15 and key support
A bear threat in Bobl futures remains present despite the recent recovery - a correction. The contract has traded above the 20-day EMA and attention is on key short-term resistance at 117.600, the Feb 13 high. Clearance of this level would undermine the bearish theme and signal scope for a stronger recovery. On the downside, the short-term bear trigger has been defined at 116.870, the Feb 19 low.
EURUSD TECHS: Approaching Key Short-Term Resistance
- RES 4: 1.0677 50.0% retracement of the Sep 25 ‘24 - Feb 3 bear leg
- RES 3: 1.0630 High Dec 6 ‘24
- RES 2: 1.0594 High Dec 9 ‘24
- RES 1: 1.0533 High Jan 27 and a reversal trigger
- PRICE: 1.0516 @ 05:58 GMT Feb 24
- SUP 1: 1.00436/01 50-day EMA / Low Feb 19
- SUP 2: 1.0373 Low Feb 13
- SUP 3: 1.0317 Low Feb 12
- SUP 4: 1.0280 Low Feb 10 and a key support
The current bull cycle in EURUSD remains intact and the pair has traded to a fresh short-term cycle high, today. Attention is on resistance at 1.0533, the Jan 27 high and a reversal trigger. Clearance of this level would strengthen a bullish condition and pave the way for a climb towards 1.0630, the Dec 6 high. For bears, initial firm support to watch lies at 1.0401, the Feb 19 low. Clearance of this support would signal a potential reversal.
