More upside likely for US 10-year T-note and bunds

The US 10-year T-Note broke bullishly out of its falling wedge formation, hitting $120 resistance earlier today. Currently it looks like it will close above here and if it does there's no resistance before the 121 – 121 12/32 area.

RSI has broken above 60 threshold and a close above this indicates bullish sentiment for the T-Note
If it drops back below as of close today it could drop all the way down to support at 119.

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Medium-term (weekly chart) 

A massive bullish engulfing pattern last week, a broken falling trend line and  RSI divergence indicate higher levels, possibly around 121.  

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Daily 

We've broken out of the triangle and now also the 200-day moving average. RSI is bullish and there seems to be room up to around the 163-164 area. 

 

 

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Weekly

Euro bund with long-term falling trend line.

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Source for all charts: Saxo Bank

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