Bund spent last week consolidating 2 months of gains as we became overbought. Fibonacci support at 145.75/70 held for a buying opportunity. Today, below 146.12 keeps the market in a range for a test of support at 145.95, which held perfectly on Friday. Excellent support at 145.75/70 is a buying opportunity again to try longs with stops below 145.60. A break lower however, targets 145.45/40 which should hold the downside if tested, but below here a buying opportunity at 145.15/10. A low for the week could be expected here if tested.
Strong resistance at 146.24/25 did it's job in the last 2 days of last week. Again today we can try shorts with stops above 146.36. A break higher is then likely to target 146.50/54 & 146.65 before May highs at 146.75.