The FGBL Euro-Bund Futures daily chart shows a market in transition. Price action is consolidating near 129.53 with medium-sized bars and slow momentum, indicating a pause after recent volatility. Short-term benchmarks (5 and 10 day MAs) are trending down, aligning with a short-term swing pivot downtrend, but the most recent pivots show a potential for reversal with a new swing low established at 129.10 and the next pivot high at 129.92 as a key level to watch. Intermediate-term signals are more constructive: both the 20 and 55 day moving averages are in uptrends, and the MSFG and WSFG grids show price holding above their respective NTZ centers, supporting an upward bias. However, the long-term trend remains bearish, with the 100 and 200 day moving averages sloping down and the yearly SFG grid showing price below its NTZ. Volume is robust, but volatility (ATR) is moderate, suggesting a market that is active but not experiencing outsized moves. Recent trade signals have triggered long entries, reflecting the short- and intermediate-term upward bias, but the market remains capped by multiple resistance levels just overhead. Overall, the market is in a short-term neutral phase, with bullish intermediate-term momentum, but still faces long-term headwinds. Swing traders should note the potential for further consolidation or a breakout if resistance at 129.92–130.59 is overcome, while support at 129.10 and 128.88 remains critical for downside protection.