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Some signals still suggest deeper correction possibility for Bunds - RBS

FXStreet (Łódź) - Dmytro Bondar, Technical Strategist at RBS observes that Bunds remain trapped in a range between 149.89 and 151.00 on Friday.

Key quotes

"(This) should determine the next big move, as there are still signals to suggest a deeper correction possibility, but overall there is a constructive picture for Bunds after the yield breakout below 0.88%, suggesting the market will remain poised to be tested at 0.63%."

"In the near term, a deeper correction is still possible, should a break below 149.89 occur. This is largely due to still-negative oscillators and a tweezer top and inside session being in force, pointing to a price decline to 149.89 (a key Fibonacci level and 20-day MA) and possibly 149.50 and 148.90."

"This would bring oscillators out of the overbought region and once support was gained at one of the mentioned levels (perhaps 149.90 would see a base, although a dip to 149.50 area may occur), a resumption of the upwards pressure would be expected with retesting of 152.47 and a further extension of the move up to 154.07."

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