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• RES 4: 119.050 High Feb 8
• RES 2: 118.790 High Feb 15 and Mar 8 and the bull trigger
• RES 3: 118.460 High Mar 12
• RES 1: 117.973 20-day EMA
• PRICE: 117.590 @ 05:28 GMT Mar 20
• SUP 1: 117.340 Low Mar 18
• SUP 2: 117.200 Low Feb 29 and the bear trigger
• SUP 3: 117.000 Round number support
• SUP 4: 116.740 High Mar 5 (cont)

Bobl futures remain soft and the contract is trading just above recent lows. A broader bearish cycle is intact and a continuation lower would open the key support and bear trigger at 117.200, Feb 29 low. Clearance of this level would confirm a resumption of the downtrend that started early December last year. For bulls, a reversal higher would refocus attention on resistance at 118.790, Feb 15 / Mar 8 high. A break would resume the recent corrective phase.

• RES 4: 1.1034 76.4% retracement of the Dec 28 - Feb 14 bear leg
• RES 3: 1.0998 High Jan 5
• RES 2: 1.0955/981 High Mar 14 / 8 and the bull trigger
• RES 1: 1.0906 High Mar 18
• PRICE: 1.0868 @ 05:44 GMT Mar 20
• SUP 1: 1.0835 Low Mar 19
• SUP 2: 1.0796 Low Feb 29
• SUP 3: 1.0762/0695 Low Feb 20 / 14 and the bear trigger
• SUP 4: 1.0656 Low Nov 10

A bull theme in EURUSD remains intact, however, a corrective cycle continues to suggest scope for a continuation lower near-term. The pair has pierced the 50-day EMA, at 1.0860. A clear break of the average would open 1.0796, the Feb 29 low. For bulls, a resumption of gains and a break of 1.0981, the Mar 8 high, is required to reinstate the recent uptrend. Initial resistance is at 1.0906, the Mar 18 high.

• RES 4: 134.78 50.0% retracement of the Dec 27 - Feb 29 bear cycle
• RES 3: 134.48 High Feb 5
• RES 2: 133.05/134.15 50-day EMA / High Mar 8 and the bull trigger
• RES 1: 132.61 20-day EMA
• PRICE: 131.86 @ 05:19 GMT Mar 20
• SUP 1: 131.54 Low Mar 18
• SUP 2: 131.23 Low Feb 29 and the bear trigger
• SUP 3: 131.00 Round number support
• SUP 4: 129.88 Bear channel base drawn from the Dec 27 high

Bund futures ure unchanged. The contract remains soft and is trading at its recent lows. A continuation lower would expose key support and the bear trigger at 131.23, the Feb 29 low. Clearance of this level would confirm a resumption of the downtrend that started late December last year. Initial firm resistance to watch is at 133.05, the 50-day EMA. A clear break of this average would be bullish.