Selling interest returned to Bunds Wednesday. This move emphasised the importance of the 13 day mvg avg – a point that has capped this week’s rally attempts. Last week's low remains unbroken which signals weak negative momentum but with the 13 day line capping the focus for sentiment has to be the downside.
There is scope to 165.95, 165.75 or even 165.51.
Rallies near 166.49 should find sellers but only above 166.74 is positive