Solid Bounce Tops S/T Resistance

• RES 4: 1.0803 High Feb 14 and key resistance
• RES 3: 1.0745 High Feb 15
• RES 2: 1.0718 1.0% 10-dma Envelope
• RES 1: 1.0701 High Mar 10
• PRICE: 1.0688 @ 15:59 GMT Mar 10
• SUP 1: 1.0525 Low Mar 8
• SUP 2: 1.0484 Low Jan 6 and a key support
• SUP 3: 1.0461 38.2% retracement of the Sep 28 - Feb 2 bull leg
• SUP 4: 1.0409/0387 Trendline support / 2.0% 10-dma envelope

EUR/USD bounced solidly into the Friday close, taking out short-term resistance at both the 20-day EMA (1.0639) as well as the week’s earlier highs of 1.0695. The short-term rally need to build a base above this level to open further gains, which would initially target 1.0745. Barring that, the more medium-term view remains vulnerable. Attention is on 1.0533, the Feb 27 low. This level has been pierced, a clear break would confirm a resumption of the downtrend and open 1.0484, the Jan 6 low and a key support. A trendline support lies at 1.0409 - the line is drawn from the Sep 28 low.