BOBL TECHS: (M5) Support Remains Intact
- RES 4: 120.000 Psychological round number
- RES 3: 119.960 High Apr 7 and the bull trigger
- RES 2: 119.422 76.4% retracement of Apr 7 - 9 pullback
- RES 1: 119.140 High Apr 10
- PRICE: 118.870 @ 07:00 BST Apr 11
- SUP 1: 118.159/117.680 20-day EMA / Low Apr 9 / 1
- SUP 2: 117.410 Low Mar 27
- SUP 3: 117.126 76.4% retracement of the Mar 6 - Apr 7 bull cycle
- SUP 4: 117.080 Low Mar 25 and a key short-term support
Bobl futures continue to trade below their recent highs. The latest move down - for now, appears corrective. Last week’s gains resulted in a break of key resistance at 119.040, the Feb 28 high. This strengthens bullish conditions and signals scope for a continuation. The focus is on the 120.000 handle next. The contract is overbought, a move down is allowing this condition to unwind. Initial firm support lies at 117.680, the Apr 9 low.
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EURUSD TECHS: Northbound
- RES 4: 1.1083 High Oct 2 2024
- RES 3: 1.1040 High Oct 4 2024
- RES 2: 1.0961 76.4% retracement of the Sep 25 ‘24 - Feb 3 bear leg
- RES 1: 1.0947 HIgh Mar 11
- PRICE: 1.0908 @ 06:11 GMT Mar 12
- SUP 1: 1.0766/1.0604 Low Mar 6 / 20-day EMA
- SUP 2: 1.0517 50-day EMA and a short-term pivot level
- SUP 3: 1.0360 Low Feb 28 and a key support
- SUP 4: 1.0317 Low Feb 12
EURUSD traded higher Tuesday, extending the current bull cycle and once again, this marks a continuation of the reversal on Feb 3. Note that MA studies have recently crossed and are in a bull-mode position, highlighting a dominant uptrend. Bulls have their sights on 1.0961 next, a Fibonacci retracement. Initial key support to watch lies at 1.0517, the 50-day EMA. The uptrend is overbought, a pullback would allow this set-up to unwind.
BUND TECHS: (M5) Oversold Trend Position But Remains Bearish
- RES 4: 130.40 Low Feb 19
- RES 3: 129.96 High Mar 5
- RES 2: 129.41 Low Jan 14
- RES 1: 128.33 High Mar 10
- PRICE: 126.85 @ 05:42 GMT Mar 12
- SUP 1: 126.53 Low Mar 11
- SUP 2: 126.28 2.618 proj of the Feb 5 - 19 - 28 price swing
- SUP 3: 126.00 Round number support
- SUP 4: 123.36 3.00 proj of the Feb 5 - 19 - 28 price swing
Bund futures are in consolidation mode and the contract is trading closer to its recent lows. A bearish theme remains intact. Last week’s impulsive sell-off signals scope for an extension towards 126.28 next, a Fibonacci projection. Further out, 126.00 is also within range. Note that the contract is in oversold territory, a recovery would allow this condition to unwind. Initial firm resistance to watch is seen at 129.41, the Jan 14 low.
EU: EU Announces Countermeasures To US Tariffs
The EU Commission has announced countermeasures after US steel and aluminium tariffs on EU imports came into effect. See details below.
- "First, the Commission will allow the suspension of existing 2018 and 2020 countermeasures against the US to lapse on 1 April. These countermeasures target a range of US products that respond to the economic harm done on €8 billion of EU steel and aluminium exports.
- Second, in response to new US tariffs affecting more than €18 billion of EU exports, the Commission is putting forward a package of new countermeasures on US exports. They will come into force by mid-April, following consultation of Member States and stakeholders.
- In total, the EU countermeasures could therefore apply to US goods exports worth up to €26 billion, matching the economic scope of the US tariffs.
- In the meantime, the EU remains ready to work with the US administration to find a negotiated solution. The abovementioned measures can be reversed at any time should such a solution be found." See this link from the EU Commission for more details.
