10yr overnight rebound failed

European traders have been dumping bonds all morning, putting an end to yesterday's late day ZN1! bid-fest. The 24m chart has a beautiful short set-up on a beach below rising support at 123'275, which corresponds nicely with a round 2.50% yield.

This is a short-term short in a larger bear trend. In the immediate term, I'm targeting 123'140 - 123'090. With China's peculiar RRR cut ahead of the Lunar New Year adding more support to the larger bearish macro case, 122'145 is definitely still on cards!