BUND TECHS: (H5) Tests Resistance

• RES 4: 1.2667 High Dec 19 
• RES 3: 1.2610 38.2% retracement of the Sep 26 ‘24 - Jan 13 swing    
• RES 2: 1.2576 High Jan 7
• RES 1: 1.2520/23 50-day EMA / High Jan 27 
• PRICE: 1.2445 @ 06:00 GMT Jan 28
• SUP 1: 1.2387/2294 20-day EMA / Low Jan 23  
• SUP 2: 1.2229 Low Jan 21
• SUP 3: 1.2100 Low Jan 10 and the bear trigger 
• SUP 4: 1.2087 0.764 proj of the Sep 26 - Nov 22 - Dec 6 price swing    

A bull cycle in GBPUSD remains in play. The pair has cleared the 20-day EMA, marking an extension of the reversal that started Jan 13. Attention is on the 50-day EMA, at 1.2520 and an important resistance. Clearance of the average would highlight a stronger bull cycle. Medium-term trend signals are unchanged, they  remain bearish. A reversal lower would refocus attention on 1.2100, the Jan 10 low and bear trigger.

• RES 4: 117.820 High Jan 3          
• RES 3: 117.627 50-day EMA    
• RES 2: 117.490 Low Dec 30  
• RES 1: 117.133/180 20-day EMA / High Jan 22                            
• PRICE: 116.800 @ 05:37 GMT Jan 28  
• SUP 1: 116.550/280 Low Jan 24 / Low Jan 14 / 15 and bear trigger                
• SUP 2: 116.210 Low Jul 12 2024 (cont) 
• SUP 3: 115.980 Low Jul 11 ‘24 (cont)
• SUP 4: 115.745 1.50 proj of the Oct 1 - 31 - Dec 2 ‘24 price swing     

A short-term bullish corrective phase in Bobl futures is in play - for now - despite the pullback from its recent highs. The Jan 15 rally highlighted a reversal and the start of the correction. An extension higher would allow an oversold trend condition to unwind. Key short-term resistance is seen at 117.133, the 20-day EMA. On the downside, a break of 116.280, Jan 14 / 15 low, would resume the downtrend. 

• RES 4: 1.0696 50.0% retracement of the Sep 25 - Jan 13 bear leg 
• RES 3: 1.0630 High Dec 06
• RES 2: 1.0574 38.2% retracement of the Sep 25 - Jan 13 bear leg
• RES 1: 1.0533 High Jan 27
• PRICE: 1.0438 @ 05:48 GMT Jan 28
• SUP 1: 1.0388 20-day EMA  
• SUP 2: 1.0260 Low Jan 15 
• SUP 3: 1.0178 Low Jan 13 and the bear trigger 
• SUP 4: 1.0138 1.764 proj of the Sep 25 - Oct 23 - Nov 5 price swing  

EURUSD remains in a short-term bull cycle - a correction - and continues to trade closer to its recent highs. The pair has pierced the 50-day EMA, at 1.0459. A clear break of it would strengthen short-term bullish conditions and signal scope for a continuation higher near-term. Sights are on 1.0574, a Fibonacci retracement point. Initial support to watch is 1.0388, the 20-day EMA. A move through the EMA would signal a possible reversal.