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Forex Flash: 143.00 remains paramount support for Bunds – RBS

Bund levels are updated for the June contract – the price reached a good support region of 143.00 after forming a meeting lines reversal pattern. According to Technical Markets Strategist Dmytro Bondar at RBS, “It is the main support in the near time to determine the extent of correction. If it is broken, then 142.50 might be tested. In the long term, the price formed a pennant pattern with the measuring target of 145.20.”

Furthermore, “we believe this target will be met after a possible correction from the 144.00 resistance. Overall, we favor being long to 144.20/35 onto 144.77 and 145.17 on a caveat of a sustained break below 142.50.” Bondar adds.

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