Daily Market Technicals

EUR/USD: Trades Just Below Jan 14 High At $1.3404, Studies Bullish. The pair holds just below the Jan 14 high of $1.3404, our key initial resistance level. A break above here will encourage bulls and open the topside to further gains. The upper daily Bollinger band forms further resistance at $1.3422 and the 100-month MA lies above here at $1.3442. Daily studies are still bullish but entering overbought levels, initial support is seen as the 5-DMA at $1.3348.
RES 4: $1.3487/91 High Feb 2012, 50.0% of $1.4940 to $1.2043
RES 3: $1.3442 100-month MA
RES 2: $1.3422 Upper daily Bollinger band
RES 1: $1.3404 High Jan 14
SUP 1: $1.3348 5-day moving average
SUP 2: $1.3280 23.6% of $1.2877-1.3404
SUP 3: $1.3203/17 38.2% of $1.2877-1.3404 & 21-DMA
SUP 4: $1.3140/50 50.0% of $1.2887-1.3404, Former 38.2% of $1.4940-1.2043

GBP/USD: Bears Look To 200-DMA At $1.510 But 10-Day Momentum Rises. GBP continues its descent, price action today has yet to make a new low, cautioning bears. The pair trades below the 5-DMA and short-term res line from the Jan 2 high, initial res at $1.6026/35. It also trades just below the daily Bollinger band top, initial support at $1.5957 alongside the 76.4% and 100-week MA at $1.5959/61. Daily studies are mainly bearish, 10-day momentum has firmed a touch. Bears will be looking to move down to the 200-DMA at $1.5910.
RES 4: $1.6113 21-day moving average
RES 3: $1.6062/73/75 55-DMA, 21-week MA, 100-DMA
RES 2: $1.6040/45 Former 61.8% of $1.5829-1.6381, Jun 2012 supp line
RES 1: $1.6026/35 5-DMA, Short-term res line from Jan 2 high
SUP 1: $1.5957/59/61 Lower Bolli band, 76.4% of $1.5829-1.6381, 100-week MA
SUP 2: $1.5910 200-DMA
SUP 3: $1.5844/70 200-week MA, 55-week MA
SUP 4: $1.5829 Low 15 Nov

USD/JPY: DAily Studies Bearish But USD/JPY Breaks Higher. USD/JPY blasts higher through resistance and above the Jan 14 high of Y89.67 after finding support from the rising Dec 21 support line and Tenkan line. However, daily studies remain overbought and slightly bearish adding a little downside risk as the pair currently holds just above the Jan 14 high, initial support at Y89.67. Weekly studies are bullish but overbought and monthly studies are bullish.
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: Y90.88 3.00% MA Envelope
SUP 1: Y89.67 High Jan 14
SUP 2: Y88.87 High Jan 16
SUP 3: Y88.43/52 Dec 21 support line, Tenkan line
SUP 4: Y87.39 21-day moving average

EUR/JPY: Breaks And Holds Above Jan 14 High. EUR/JPY breaks higher above the Jan 14 high despite the overbought slow stochastic study. Resistance above this level is thin but bulls may be
aiming to test the 38.2% of the move from Y169.96 to Y94.12, further resistance alongside the Apr 2011 reversal high at Y123.09/33. The pair currently holds just above the Jan 14 high of Y120.13, bears will likely try to reclaim the territory below here, however weekly and monthly studies remain bullish.
RES 4: Y132.04/22 50.0% of Y169.96-Y94.12, 100-month MA
RES 3: Y127.91 High April 2010
RES 2: Y123.09/33 38.2% of Y169.96-Y94.12, Apr 2011 reversal high
RES 1: Y120.71 Hourly high
SUP 1: Y119.81 Hourly low
SUP 2: Y118.25 High Jan 16
SUP 3: Y117.13 Tenkan line
SUP 4: Y116.31 Jan 10 Marabuzo mid-point


EasyForexNews Research Team