EUR/USD: May 1 Trendline Key Initial Resistance At $1.3100. The pair failed to break above the May 1 trendline at $1.3100, still key initial resistance and the cap to the previous two sessions. Another close below this level will likely turn the pair bearish, a break/close above will encourage bulls and open the upside to the Sept 17 high at $1.3172. Initial support seen at $1.3017/3037, the 23.6% of $1.2662/1.3127 and the 5-DMA.
RES 4: $1.3172 High Sept 17
RES 3: $1.3156 Upper Bollinger Band
RES 2: $1.3127/3148 Reversal High Dec 5
RES 1: $1.3100 May 1 trendline
LATEST PRICE: $1.3089
SUP 1: $1.3017/3037 23.6% Fibonacci of $1.2662 to $1.3127, 5-DMA
SUP 2: $1.2949/2962 38.2% Fibonacci of $1.2662 to $1.3127, 21-DMA
SUP 3: $1.2928 55-day moving average
SUP 4: $1.2880/2894 Low 28 Nov, 50.0% Fibonacci of $1.2662 to $1.3127
GBP/USD: Fails To Make New High, Bears Eye 23.6% Level. The cross posts what appears to be a bearish engulfing candle as it failed to make a new high or test resistance. Daily tech studies are mixed, RSI and momentum look flat while slow stochastics is practically at overbought levels. Initial support seen at $1.6091, the 23.6% of $1.5829/1.6131 and the 38.2% is further support at $1.6041, just above the 21 and 55-DMA at $1.6033. Initial res remains as the Dec 12 high
RES 4: $1.6309 2012 high Sep 21
RES 3: $1.6237 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: $1.6119
SUP 1: $1.6091 23.6% of $1.5829 to $1.6172
SUP 2: $1.6033/33/41 21 & 55-DMAs, 38.2% of $1.5829 to $1.6172
SUP 3: $1.6000 50.0% of $1.5829 to $1.6172
SUP 4: $1.5978/80 High 22 Nov,
USD/JPY: Initial Resistance Key Around Y84.00. USD/JPY trades just below the 84.00 level, just under initial resistance from the hourly high and 15 Mar reversal high at Y83.96/84.18. A break above here will sustain a move to the 200-week MA at Y85.05, however studies look stretched and 10-day momentum shows negative divergence. Initial support seen at Y83.42, the 23.6% of Y81.69 to Y83.96. Below here support seen from the Tenkan line at Y82.84.
RES 4: Y85.53 Reversal high 6 Apr
RES 3: Y85.05 200-week MA
RES 2: Y84.51 Reversal high 15 Dec 2010
RES 1: Y83.96/84.18 Hourly high, Reversal high 15 Mar
LATEST PRICE: Y83.90
SUP 1: Y83.42 23.6% of Y81.69 to Y83.96
SUP 2: Y82.60/84 Former Nov 22 resistance line, High Nov 22, Tenkan line
SUP 3: Y82.38 21-DMA
SUP 4: Y81.76/78 High Nov 20, Nov 28 support line
EUR/JPY: Bulls Eye Y110.26 But Daily Momentum Slows. EUR/JPY trades just below Y110.00, bulls will look to break above here to test the Oct 5 resistance line at Y110.26. Daily stochastics study points higher but is firmly in overbought territory, while 10-day momentum is slowing. Initial support seen at Y107.98 to Y108.00, the Tenkan line, Dec 5 and Apr 20 highss A break below here will open the downside to Y106.67, the weekly Ichimoku cloud top.
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: Y110.26 Oct 5 resistance line
LATEST PRICE: Y109.97
SUP 1: Y107.98/96/108.00 Tenkan line, High Dec 5, High Apr 20
SUP 2: Y107.51 61.8% of Y105.98 to Y109.98
SUP 3: Y106.67/72/78 Weekly Ichimoku Cloud top, 100-week MA, 21-DMA
SUP 4: Y105.16 Kijun line
EasyForexNews Research Team