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25 Feb 2013
Forex Flash: Bunds eye recovery after correction – RBS
Bund prices have met the first target of 143.70, being the 50% retracement from the December-January extremes and the 13-week moving average. According to Technical Markets Strategist Dmytro Bondar at RBS, “We believe the market will continue recovery towards the 144.20 area onto 145.00 after a possible correction.”
Moreover, “Weekly momentum is turning bullish, as indicated by the slow stochastic oscillator. Overall, the first target of 143.70 has been met, where partial profits were taken; after correction to approximately the 143.00 level, another push higher to 144.20 onto 145.00 would be expected with the caveat of a sustained break below 142.60.” Bondar adds.
Moreover, “Weekly momentum is turning bullish, as indicated by the slow stochastic oscillator. Overall, the first target of 143.70 has been met, where partial profits were taken; after correction to approximately the 143.00 level, another push higher to 144.20 onto 145.00 would be expected with the caveat of a sustained break below 142.60.” Bondar adds.