EUR/USD: Fails To Break Dec 19 High, Bears Eye $1.3156. The pair now declines after bulls tried to break the high of Dec 19, the potential gravestone doji, however bears prevailed. Bears now look to test initial support, the Dec 5 high and also the 23.6% of $1.2662 to $1.3308, at $1.3127/3156, respectively. Slow stochastics remains overbought, with a potential sell-signal forming. Momentum still trends slightly higher. Initial res seen at $1.3267, the upper daily Bollinger band.
RES 4: $1.3370/3386 Former Nov 21 supp line, High Mar 27
RES 3: $1.3346 Weekly upper Bollinger band
RES 2: $1.3308 High Dec 19
RES 1: $1.3267 Upper Bollinger Band
LATEST PRICE: $1.3198
SUP 1: $1.3127/3156 Reversal High Dec 5, 23.6% of $1.2662 to $1.3308
SUP 2: $1.3094 May 1 trendline
SUP 3: $1.3059 21-day moving average
SUP 4: $1.2953 55-day moving average
GBP/USD: Bulls Fail To Break Dec 19 High, Bears Eye 23.6% Level. The cross struggled higher yesterday, but failed to make a new high and has already moved lower today. Daily studies also wane as RSI slips below the overbought line and slow stochastics shows a potential sell-signal. Initial support seen at $1.6231, the Apr 2011 former resistance line. A break below here opens the downside to $1.6194, the 23.6% of $1.5829-1.6307. Bulls need to break $1.6307, the Dec 19 high, to return to an uptrend.
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: $1.6273/6285 High Sep 28, Upper daily Bollinger band
LATEST PRICE: $1.6247
SUP 1: $1.6231 Apr 2011 former res line
SUP 2: $1.6194 23.6% of $1.5829 to $1.6307
SUP 3: $1.6113/6124 Nov 16 supp line, 21-DMA, 38.2% of $1.5829 to $1.6307
SUP 4: $1.6068 61.8% of $1.5829-1.6307
USD/JPY: Bulls Fail To Make New High, Bears Eye Y83.50. USD/JPY leaves a doji yesterday showing strong buying pressure with a long lower shadow, however bulls failed to make a new high. Daily studies are slipping, momentum breaks its uptrend and slow stochastics shows the potential for a sell-signal. Initial supp seen at Y83.46/50, the Tenkan line and 38.2% of Y81.69 to Y84.62. Bears eye the 38.2% level. Bulls look to test Y84.62, the Dec 19 high.
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: Y84.04
SUP 1: Y83.46/50 Tenkan line, 38.2% of Y81.69 to Y84.62
SUP 2: Y83.15 50.0% of Y81.69 to Y84.62
SUP 3: Y82.76/85/91 Kijun line, 61.8% Y81.69-84.48, 23.6% Y77.13-84.62, 21-DMA
SUP 4: Y82.38 76.4% of Y81.69-84.48
EUR/JPY: Bulls Fail Ahead Of Y112.50, Posts Lower High & Lower Low. EUR/JPY posts a spinning-top yesterday, highlighting the struggle between bulls and bears as bulls fail to make a new high or test initial resistance, still seen at Y112.17/50, the 61.8% of Y123.33 to Y94.12 and Dec 19 high, respectively. Slow stochastics shows a potential sell-signal while 10-day momentum begins to weaken. Initial support seen at Y109.93/98/110.01, the Dec 17 low, Dec 14 high and 38.2% level.
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: Y111.11
SUP 1: Y109.93/98/110.01 Low Dec 17, High Dec 14, 38.2% Y105.98-112.50
SUP 2: Y109.49/63 Tenkan line, 23.6% of Y100.33 to Y112.50
SUP 3: Y109.24 50.0% of Y105.98 to Y112.50
SUP 4: Y108.29/47/66 21-DMA, 61.8% Y106-112.5, Support line from Nov 13
EasyForexNews Research Team