EUR/USD: May 1 Trendline Key Initial Resistance At $1.3101. The pair failed to match the Dec 5 high which will disappoint bulls, the May 1 trendline held yesterday’s rise and is now key initial resistance at $1.3101. A break and close above here will turn the pair bullish, another failure will encourage bears. Initial support seen at $1.3006/3017, the 5-DMA and 23.6% of $1.2662/$1.3127. Daily studies mixed with momentum trending lower.
RES 4: $1.3284 High May 1
RES 3: $1.3172 High Sept 17
RES 2: $1.3127/3148 Reversal High Dec 5, Upper Bollinger Band
RES 1: $1.3101 May 1 trendline
LATEST PRICE: $1.3083
SUP 1: $1.3006/3017 5-DMA, 23.6% Fibonacci of $1.2662 to $1.3127
SUP 2: $1.2947/2949 21-DMA, 38.2% Fibonacci of $1.2662 to $1.3127
SUP 3: $1.2924 55-day moving average
SUP 4: $1.2880/2894 Low 28 Nov, 50.0% Fibonacci of $1.2662 to $1.3127
GBP/USD: Bulls Hit $1.6172, Now Eye Apr 2011 Resistance Line. The cross held above the Nov 15 trendline, now initial support at $1.6121 alongside the 61.8% of $1.6309-1.5829 and Dec 4 high. Daily studies are near overbought levels and 10-day momentum shows a little negative divergence. Bulls will aim to break yesterday’s high and close above the trendline. Bears aim to close below the trendline and move down to the 23.6% of $1.5829-1.6172, further support at $1.6091.
RES 4: $1.6309 2012 high Sep 21
RES 3: $1.6238 Apr 2011 res line
RES 2: $1.6218 High 5 Oct
RES 1: $1.6172-96 High Dec 12, Boll top, 76.4% of $1.6309-1.5829
LATEST PRICE: $1.6141
SUP 1: $1.6121/26/31 Nov 15 supp line, 61.8% $1.6309-1.5829, High Dec 4
SUP 2: $1.6091 23.6% of $1.5829 to $1.6172
SUP 3: $1.6023/34/41 21 & 55-DMAs, 38.2% of $1.5829 to $1.6172
SUP 4: $1.6000 50.0% of $1.5829 to $1.6172
USD/JPY: Breaks Apr 2011 Res Line, Eyes 200-Wk MA At Y85.05. The pair storms higher as it breaks above the descending triangle and then breaks the Apr 2011 resistance line. Initial resistance seen as the hourly high at Y83.67, and further resistance seen at Y84.18, the Mar 15 reversal high. Above here bulls eye the 200-week MA at Y85.05. Daily studies are firmly bullish, although stochastics is entering overbought levels.
RES 4: Y85.53 Reversal high 6 Apr
RES 3: Y85.05 200-week MA
RES 2: Y84.18 Reversal high 15 Mar
RES 1: Y83.67 Hourly high
LATEST PRICE: Y83.64
SUP 1: Y82.62/69 Former Nov 22 resistance line, Tenkan line
SUP 2: Y82.25/28 21-DMA
SUP 3: Y81.76/77 High Nov 20, Nov 28 support line
SUP 4: Y81.38 Kijun Line
EUR/JPY: Bulls Still In Control, Now Aim For Oct 5 Res Line. EUR/JPY continues to rise, with bulls now looking to test initial resistance at Y110.11, the Oct 5 resistance line. Daily studies are also bullish as slow stochastics shows a buy-signal despite being in overbought territory, 10-day momentum rises. Further resistance seen at Y111.44, the Mar 21 high, followed by the 200-week MA at Y115.06. Initial support now seen at Y107.96/108.00, the Dec 5 and Apr 20 highs.
RES 4: Y115.47 123.6% of Y111.42 to Y94.28
RES 3: Y115.06 200-week moving average
RES 2: Y111.44 High Mar 21
RES 1: Y110.11 Oct 5 resistance line
LATEST PRICE: Y109.37
SUP 1: Y107.96/108.00 High Dec 5, High Apr 20
SUP 2: Y107.72 Tenkan line
SUP 3: Y106.49/67/72 21-DMA, Weekly Ichimoku Cloud top, 100-week MA
SUP 4: Y104.90 Kijun line
EasyForexNews Research Team