EUR/USD: Fails At $1.3284, Potential Gravestone Doji Noted. Heavy selling pressure forced Euro-dollar lower after the pair tested the Former Nov 21 support line as resistance. This forms a gravestone doji with bears watching for the pattern to be confirmed today. Daily studies are stalling and initial support now seen as the Dec 5 reversal high at $1.3127 followed by the former May 1 trendline at $1.3095. Initial resistance seen as the Bollinger band at $1.3235.
RES 4: $1.3386 High Mar 27
RES 3: $1.3341/3346 Former Nov 21 supp line, Weekly upper Bollinger band
RES 2: $1.3284 High Dec 19
RES 1: $1.3235 Upper Bollinger Band
LATEST PRICE: $1.3221
SUP 1: $1.3127 Reversal High Dec 5
SUP 2: $1.3095 May 1 trendline
SUP 3: $1.3043 21-day moving average
SUP 4: $1.2950 55-day moving average
GBP/USD: Potential Gravestone Doji Cautions Bulls. The pair also posts a potential gravestone doji, after meeting resistance at $1.6309, the 2012 high from Sep 21, we await confirmation today. Daily studies are mixed, slow stochastics looks likely to turn bearish in overbought levels, momentum and RSI remain bullish. Initial support seen at $1.6226/6232, the 5-DMA and former Apr 2011 resistance
line. We also note the potential double-top if the pair turns bearish.
RES 4: $1.6573 Reversal high 23 Aug 2011
RES 3: $1.6427 High April 2011
RES 2: $1.6302/6307/6309 Apr 30 high, High Dec 19, 2012 high Sep 21
RES 1: $1.6270/6273 Upper daily Bollinger band, High Sep 28
LATEST PRICE: $1.6256
SUP 1: $1.6226/6232 5-DMA, Apr 2011 former res line
SUP 2: $1.6194 23.6% of $1.5829 to $1.6307
SUP 3: $1.6124 38.2% of $1.5829 to $1.6307
SUP 4: $1.6068/97/6103 61.8% of $1.5829-1.6307, 21-DMA, Nov 16 supp line
USD/JPY: Daily Studies Turning Bearish, Bears Eye Y83.50. The cross met resistance around the 2010 Dec reversal high, adding to this resistance level with yesterday’s high, now the pair looks likely to leave a bearish engulfing candle today. Current price action slips below the 23.6% level and initial support now seen at Y83.37/50, the Tenkan line and 50.0% of Y81.69 to Y84.62. Bulls require a break and close above initial resistance to regain control.
RES 4: Y85.93 High 17 Sep 2010
RES 3: Y85.53 Reversal high 6 Apr
RES 2: Y85.01 200-week MA
RES 1: Y84.48/51/62 Dec 17 high, Reversal high 15 Dec 2010, Dec 19 high
LATEST PRICE: Y83.94
SUP 1: Y83.37/50 Tenkan line, 38.2% of Y81.69 to Y84.62
SUP 2: Y83.15 50.0% of Y81.69 to Y84.62
SUP 3: Y82.81/85 21-DMA, 61.8% of Y81.69-84.48, 23.6% of Y77.13-84.62
SUP 4: Y82.38 76.4% of Y81.69-84.48
EUR/JPY: Potential Shooting-Star Reversal Pattern. New potential shooting-star reversal pattern, with bears looking for confirmation today. Slow stochastics shows the potential for a sell-signal, while momentum has slowed. Initial support seen at Y109.93 to Y110.01, these being the Dec 17 low, Dec 14 high and 38.2% of Y105.98 to Y112.50. A break below here will confirm the reversal pattern and open the downside to Y109.63, the 23.6% of Y100.33 to Y112.50.
RES 4: Y116.44 76.4% of Y123.33 to Y94.12
RES 3: Y115.47 123.6% of Y111.42 to Y94.28
RES 2: Y115.03 200-week moving average
RES 1: Y112.17/50 61.8% of Y123.33 to Y94.12, Dec 19 high
LATEST PRICE: Y110.98
SUP 1: Y109.93/98/110.01 Low Dec 17, High Dec 14, 38.2% Y105.98-112.50
SUP 2: Y109.63 23.6% of Y100.33 to Y112.50
SUP 3: Y109.24 Tenkan line, 50.0% of Y105.98 to Y112.50
SUP 4: Y108.02/36/47 21-DMA, Support line from Nov 13, 61.8% Y106-112.5
EasyForexNews Research Team