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Treasuries: Pull-back from 126-16 likely - RBS

FXStreet (Łódź) - The RBS team of analysts believe that US Treasuries could see a pull-back from 126-16 amid momentum and candlesticks.

Key quotes

"The price action formed a Dark Cloud Cover candlestick pattern (close below 50% previous candle’s body) as well as an inside session after testing resistance at 126-21+ retracement, which was reinforced by today’s opening gap, suggesting a pull-back to initially 125-24+ and 125-06 would be expected with further break opening 124-14+ level."

"Also, momentum oscillators indicate potential reversal, as 10/3/3 slow stochastics formed a bear cross in the overbought region."

"A sustained break (close) above 126-21+ cancels the view."

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