EUR/USD: $1.3404 Jan 14 High Caps, Potential Double-Top Pattern. The pair fails to break above the Jan 14 high of $1.3404 as the pair looks like it formed a double-top pattern. The Jan 14 high caps on the upside and daily studies are a touch weaker. Initial support seen at $1.3280, the 23.6% of $1.2877 to $1.3404. However, monthly studies are bullish as are weekly studies, albeit in overbought levels. Upside risk remains while the pair trades above the weekly supp line from Jul 2012, further supp at $1.3280.
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
LATEST PRICE: $1.3325
SUP 1: $1.3280 23.6% of $1.2877-1.3404
SUP 2: $1.3203/20 38.2% of $1.2877-1.3404 & 21-DMA
SUP 3: $1.3140/50 50.0% of $1.2887-1.3404, Former 38.2% of $1.4940-1.2043
SUP 4: $1.3078/98 61.8% of $1.2877-1.3404, Weekly support line from Jul 2012 low
GBP/USD: Slides Below 200-DMA While Daily Studies Bearish But Oversold. GBP falls through support levels to move below the 200-DMA, now res at $1.5909. The pair slid and closed below a weekly support line from the Jun 2012 low but stopped around the 200-week MA, currently at $1.5851 but cable broke below already. Monthly studies are a touch weaker but weekly and daily studies remain bearish but oversold. Bears will target the Nov 15 low at $1.5829, a break below here could see bears target the Jun 18 high at $1.5793.
RES 4: $1.6006 Short-term res line from Jan 2 high
RES 3: $1.5956/59/60 100-week MA, Former 76.4% of $1.5829-1.6381, 5-DMA
RES 2: $1.5909 200-DMA
RES 1: $1.5876/89 55-week MA, Lower daily Bollinger band
LATEST PRICE: $1.5867
SUP 1: $1.5825/29 50.0% of $1.5269-1.6381, Low 15 Nov
SUP 2: $1.5793 High Jun 18
SUP 3: $1.5755 Low Aug 28
SUP 4: $1.5694 61.8% of $1.5269-1.6381
USD/JPY: New High At Y90.25 But Weekly Studies Dip From Record Highs. USD/JPY makes a new high as it pushes up to Y90.25 today, but currently trades lower. Daily studies are neutral to bearish while weekly studies dip from highs, with the potential to turn bearish. Monthly studies remain bullish. Initial supp seen at Y89.09, the Jan 14 low, and key further supp seen at Y88.74/87, the 23.6% of Y83.86-90.25 and Jan 16 high. Bull will look to make a new high above Y90.25 while bears look to the Dec 21 supp line.
RES 4: Y94.99 May 2010 reversal high
RES 3: Y93.99 38.2% Fibonacci of Y124.14 to Y75.35
RES 2: Y91.07 3.00% MA Envelope
RES 1: Y90.21/25 High Jan 18 & 21
LATEST PRICE: Y89.57
SUP 1: Y89.09 Low Jan 14
SUP 2: Y88.74/87 23.6% of Y83.86-90.25, High Jan 16
SUP 3: Y88.54/66 Tenkan line, Dec 21 support line
SUP 4: Y87.64/81 21-day moving average, 38.2% of Y83.86-90.25
EUR/JPY: Weekly Studies Turning Lower, New High Of Y120.71. EUR/JPY currently shows a lower high and lower low, but we await the close today to confirm. The previous session saw the pair leave a new high but fall on the day. Daily studies are mixed and in overbought levels, weekly studies are weakening in overbought territory. Bears may try and break the current bullish trend and move down to the Dec 10 support line at Y116.32. Initial resistance seen as the new high at Y120.71.
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 High Jan 18
LATEST PRICE: Y120.53
SUP 1: Y119.08 Hourly low
SUP 2: Y118.25 High Jan 16
SUP 3: Y117.13/23 Tenkan line, 23.6% of Y105.98-120.71
SUP 4: Y116.31/32 Jan 10 Marabuzo mid-point, Dec 10 support line
EasyForexNews Research Team