EUR/USD: Fails To Break Dec 19 High, However Daily Studies Firmer. The pair continues to range between the Dec 19 high and 23.6% Fibonacci level of $1.2662 to $1.3308, initial resistance and support at $1.3308 and $1.3156, respectively. Daily tech studies have the potential to turn bullish, depending on the close today. However, current price action looks to form a double-top pattern as the pair fails to break the Dec 19 high. A break above here will open the topside to the upper Bollinger band at $1.3349.
RES 4: $1.3401 100-week moving average
RES 3: $1.3380/94 Weekly upper Bollinger band, 100-week MA
RES 2: $1.3349 Upper Bollinger Band
RES 1: $1.3308 High Dec 19
LATEST PRICE: $1.3268
SUP 1: $1.3142/3156 21-DMA, 23.6% of $1.2662 to $1.3308
SUP 2: $1.3061 38.2% of $1.2662 to $1.3308
SUP 3: $1.2985/2989 50.0% of $1.2662 to $1.3308, 55-DMA
SUP 4: $1.2935/2941 Lower Bollinger band, Jul 24 support line
GBP/USD: Bulls Storm Above Dec 19 High And Aim Higher. The cross now breaks above the Dec 19 high to hit an hourly high of $1.6381, a touch lower than the resistance level from the 76.4% Fibonacci of $1.6747 to $1.5235, both now form initial resistance. Current price action trades just above the daily Bollinger band top as daily and weekly tech studies also rise. Further resistance seen at $1.6427, a high from Apr 2011 and further strong resistance seen at $1.6573, the reversal high from 23 Aug 2011.
RES 4: $1.6747 Reversal high May 2011
RES 3: $1.6573 Reversal high 23 Aug 2011
RES 2: $1.6427 High April 2011
RES 1: $1.6381/6390 Hourly high, 76.4% of $1.6747 to $1.5235
LATEST PRICE: $1.6321
SUP 1: $1.6216/6218 5-DMA, High 5 Oct
SUP 2: $1.6163 21-DMA
SUP 3: $1.6061/6067 55-day moving average, Low Dec 27
SUP 4: $1.6043 100-day moving average
USD/JPY: Bulls Storm Higher & Eye Monthly Ichimoku Cloud Base. USD/JPY continues to show strong upward pressure as it storms past resistance levels. However, daily momentum study has yet to break its Nov 2011 high and slow stochastics remains in overbought territory since early December, adding caution to bulls. Initial res now seen at Y89.22, the monthly Ichimoku cloud base and further resistance seen at Y93.99, the 38.2% Fibonacci.
of Y124.14 to Y75.35. Initial supp seen as the Tenkan line at Y85.58.
RES 4: Y98.50 100-month MA
RES 3: Y94.99 May 2010 reversal high
RES 2: Y93.99 38.2% Fibonacci of Y124.14 to Y75.35
RES 1: Y89.22 Monthly Ichimoku cloud base
LATEST PRICE: Y87.20
SUP 1: Y85.58 Tenkan line
SUP 2: Y84.89 200-week MA
SUP 3: Y84.38/50 21-day moving average, Kijun line
SUP 4: Y82.83/84 Highs Dec 7 and Nov 22
EUR/JPY: Bulls Break Above Y115.00 Despite Stretched Studies. EUR/JPY breaks above the Y115 level despite the overbought studies and the slight negative divergence seen in 10-day momentum. Initial resistance seen at Y116.44, the 76.4% of Y123.33 to Y94.12 with further res seen from the 55-month MA at Y117.98. Bears will aim to break below the 200-week MA, initial support at Y114.94.
RES 4: Y123.33 Apr 2011 reversal high
RES 3: Y119.51 Monthly Ichimoku cloud base
RES 2: Y117.98 55-month MA
RES 1: Y116.44 76.4% of Y123.33 to Y94.12
LATEST PRICE: Y115.82
SUP 1: Y114.94 200-week moving average
SUP 2: Y113.31 Tenkan line
SUP 3: Y112.17/50 61.8% of Y123.33 to Y94.12, Dec 19 high
SUP 4: Y109.93/98/110.01 Low Dec 17, High Dec 14
EasyForexNews Research Team