FXStreet (Barcelona) – Dmytro Bondar, Technical Analyst at RBS, sees downside risks for US treasuries for a move towards 2.64% and even 2.87%.
Key Quotes
“A break of the 2.40% support area, being the 123.6% Fibonacci projection of the Jan – Mar move, confirmed my bearish view on Treasuries and indicated there would be more downside to the 2.64% and 2.87% targets from the inverted Head and Shoulders pattern (161.8% and 200% projections from head-to-neckline distance). There may be some bullish reaction from the 2.49% support, but it is not expected to be sustainable.”
(Market News Provided by FXstreet)