By Jason Sen
| Jan 30, 2013 06:02AM GMT |
Bund did see a recovery as hoped to test of 142.19 resistance and managed to reach 142.27 before topping out.
Good support at 141.65/60 being a 1 year trend line and 55 week moving average. A retest today of this area looks likely with a break lower a significant event and should see a test of the daily 61.8% Fibonacci support at 141.39/37. Watch for a possible low here today but go with a break looking for 141.14/08 in this down trend. This is a 50% correction of the rally from 2012 double bottom lows at 135.27 and as such should provide good support today.
Resistance at 142.20/27 again today. A break higher looks unlikely but should target 142.52/60. It should be worth us exiting longs here and perhaps trying shorts with little chance of any further gains but stops needed above 142.85 for 143.12/22.
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