New highs in June Bund target 144.49/144.55 after strong support emerged at 143.83, says Francis Bray, Dow Jones Chief Technical Analyst For Europe. The limited foray into fresh contract/record highs above Wednesday's 144.28 high targets the 144.49/144.55 area, acquired from last week's double-top failure at 143.69 on the daily chart. However, only a sustained break above 144.55 would create additional upside risk to a 1.618 Fibonacci extension target at 145.02. A reversal below 143.83 is required to put bears in control of the near-term, exposing 143.03. The June Bund future is at 144.34.
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