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Bund – market has reached the 61.8% retracement at 151.57 and stalled

FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank comments that the Bund has reached the 61.8% retracement of the last sell off at 151.57 and sold off to end the day on its lows.

Key Quotes

“Dips should be well supported circa 150.82/77 and be contained by the 150.46 uptrend leaving it still well placed for gains to 152.49/66, this is the top of a 20 year channel and we would again look for it to hold the topside. Initial resistance is 151.97/152.00 the 78.6% retracement.”

“Uptrend support is reinforced by the 55 day ma at 149.82 and only a close below this latter level would confirm the end of the bull run.”

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