The FGBL Euro-Bund Futures weekly chart shows a persistent bearish environment across all timeframes. Price action is subdued with medium-sized bars and slow momentum, reflecting a lack of strong directional conviction but a clear downward bias. The Weekly Session Fib Grid (WSFG) and Yearly Session Fib Grid (YSFG) both indicate price is below their respective NTZ (neutral zones), confirming a short- and long-term downtrend. The Monthly Session Fib Grid (MSFG) is the only outlier, showing an intermediate-term uptrend, but this is likely a countertrend move within a broader bearish structure. Swing pivot analysis highlights a dominant downtrend in both short- and intermediate-term trends, with the most recent pivot high at 130.19 and the next key support at 127.62. Resistance levels cluster above current price, with significant overhead supply between 129.75 and 135.79. All benchmark moving averages (from 5-week to 200-week) are trending down and positioned above current price, reinforcing the prevailing bearish sentiment. A recent short signal (03 Nov 2025) aligns with the overall technical picture. The market appears to be in a prolonged corrective or distribution phase, with lower highs and lower lows dominating the structure. There is no evidence of a sustained reversal, and any rallies are likely to encounter resistance at the identified levels. The environment remains challenging for bullish swing trades, with the path of least resistance still to the downside.