US: NY Empire State Manufacturing index fell to 3.05 in April

Bunds found support at the 20-day MA after having a correction to 144.91 Fibonacci projection from the February 13 – March 4 impulse wave. According to Technical Strategist Dmytro Bondar at RBS, “Retracements from this move proved to provide key level for the last few weeks. It is important to note that the recent price action does not form a Head and Shoulders pattern due to a downwards sloping neckline.”