EM ASIA CREDIT: Indonesia (INDON, Baa2/BBB/BBB) $ credit heads lower

• RES 4: 118.258 61.8% retracement of the Dec 2 - Jan 14 bear leg         
• RES 3: 118.100 High Jan 2      
• RES 2: 118.010 High Feb 28   
• RES 1: 117.980 High Feb 3 / 5 and a reversal trigger                             
• PRICE: 117.730 @ 05:50 GMT Mar 4 
• SUP 1: 117.340 Low Mar 3   
• SUP 2: 117.240/116.870 Low Feb 24 / 19 and a S/T bear trigger
• SUP 3: 116.700 Low Jan 30 
• SUP 4: 116.550 Low Jan 24      

Bobl futures are trading in a volatile manner so far this week and price  remains closer to last week’s highs. Key resistance to watch is 117.980, the Feb 3 / 5 high and an important hurdle for bulls. It has been pierced, a clear break would strengthen a bullish theme. On the downside, Monday’s low of 117.340 represents an important near-term support - a break of this level would instead highlight a bearish threat and open 116.870, the Feb 19 low.

• RES 4: 1.0677 50.0% retracement of the Sep 25 ‘24 - Feb 3 bear leg   
• RES 3: 1.0630 High Dec 6 ‘24
• RES 2: 1.0594 High Dec 9 ‘24
• RES 1: 1.0533 High Jan 27 and a reversal trigger
• PRICE: 1.0483 @ 05:57 GMT Mar 4 
• SUP 1: 1.0360 Low Feb 28 and a key near-term support 
• SUP 2: 1.0335 50.0% retracement of the Feb 3 - 26 bull run     
• SUP 3: 1.0272 Low Feb 4  
• SUP 4: 1.0233 61.8% retracement of the Feb 3 - 26 bull run

EURUSD traded higher Monday, starting the week on a firm note. The recovery undermines a recent bear theme and exposes 1.0529, the Feb 26 high, and more importantly, resistance at 1.0533, the Jan 27 high. A clear break of 1.0533 would highlight a stronger bullish short-term theme. This would open 1.0630, the Dec 6 ‘24 high. A key near-term support has been defined at 1.0360, the Feb 28 low. A break of it would be bearish. 

• RES 4: 134.54 61.8% retracement of the Dec 2 - Jan 14 bear leg           
• RES 3: 134.06 High Dec 23 ‘24  
• RES 2: 133.46/71 High Feb 28 / 5 and a reversal trigger
• RES 1: 132.94 High Mar 3                
• PRICE: 1323.44 @ 05:39 GMT Mar 4 
• SUP 1: 131.79 Low Mar 3  
• SUP 2: 131.26 Low Feb 19 and a bear trigger            
• SUP 3: 131.00 Low Jan 24 and a key short-term support
• SUP 4: 130.28 Low Jan 15 and the bear trigger   

Bund futures on Monday pulled back from their recent highs and the contract remains below last week’s high. The move down undermines a recent bullish theme. A continuation lower would expose the next key support at 131.26, the Feb 19 low. Clearance of this level would be viewed as an important short-term technical break. Two important resistance points remain intact for now; 133.46, the Feb 28 high, and 133.71, the Feb 5 high.