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Forex Flash: Bunds grounded by support in bearish outlook – RBS

FXstreet.com (Barcelona) - The market gained support at 144.43, after forming a Tweezer top pattern (prior low equals to the open). According to Technical Strategist Dmytro Bondar at RBS, “Some consolidation is expected above the 144.35 polarity level, but the market remains bearish amid head and shoulders pattern with initial targets of 144.24 and 143.54.”

In addition, “there is also a very strong support at 144.00 – a level of polarity change and March gap. Return moves to the neckline region of 145.00 – 145.50 are likely to be sold, targeting 144.25/144.00 onto 143.56. A sustained recovery above 20-day MA (currently at 146.10) cancels the view.” Bondar notes.

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