Bobl:
Bobl came sharply lower ad once we lost 121.24 it came to 121.09. There is still scope for the market to come a lot lower now, although the 60 min charts are showing to be oversold.
We could come back to the 4hrly trendline resistance at 121.50. This would ease the oversold conditions evident on the charts, and offer a good incentive to the sellers to come back into the market. We would hold shorts unless a break above 121.65 occurs.
Downside support is at 121.08. We lose 121 and further weakness will be evident to the previous reaction lows of 120.67/64 and this is where we cover shorts.