Wednesday’s rejection of the downside initially extended yesterday. However, like the preceding days lows not being held, yesterday’s upside was also not maintained with fresh selling interest emerging above the 13 day moving average. All early upside was reversed with Bunds posting a 2nd day of virtually no movement.
This reflects a degree of investor uncertainty but it is the weakness of demand highlighted by the reversal at a key point, coupled with a declining Keltner channel that means sentiment is assessed as negative. Potential is to 147.95 and 147.67.