EUR/USD: Studies Bullish As Eur-Dol Squeezes Higher. The pair follows the long upper shadow with a bearish engulfing candle, turning daily studies bearish also. Initial supp now seen as the 100-month MA at $1.3451, followed by support around $1.3376/79/92, the 100-wk MA, 21-DMA and 38.2% of $1.2877-1.3711. Weekly studies look likely to reverse too and bears may aim for the weekly trendline at $1.3179. However, monthly studies remain bullish and initial res seen as the former 23.6% at $1.3514.
RES 4: $1.3711 High Feb 1
RES 3: $1.3665 Upper daily Bollinger band
RES 2: $1.3557 5-day moving average
RES 1: $1.3514 Former 23.6% of $1.2877-1.3711
LATEST PRICE: $1.3485
SUP 1: $1.3451 100-month MA
SUP 2: $1.3376/79/92 100-week MA, 21-DMA, 38.2% of $1.2877-1.3711
SUP 3: $1.3294 50.0% of $1.2877-1.3711
SUP 4: $1.3179/96 Weekly trendline Jul 2012 low, 61.8% $1.2877-1.3711 & 55-DMA
GBP/USD: Ranging Between 100-DMA & Jan 28 Low. GBP failed below the 100-DMA but met support above the Jan 28 low at $1.5675, bulls may attempt to retest the 100-DMA but resistance seen ahead of this level. Daily studies are pointing higher and initial res seen at $1.5775, the 5-DMA. Further res at $1.5842/60, the 23.6% of $1.6381-1.5675 and 200-week MA. Monthly studies are more bearish, with a monthly trendline at $1.5614 under focus. But weekly studies show signs of recovery, we await further confirmation.
RES 4: $1.5945/46 38.2% of $1.6381-1.5675, 100-week MA
RES 3: $1.5885/90/96 55-week MA, 200-DMA, 21-DMA
RES 2: $1.5842/60 23.6% of $1.6381-1.5675, 200-wk MA
RES 1: $1.5775 5-day moving average
LATEST PRICE: $1.5762
SUP 1: $1.5675/88/94 Low Jan 28, S-T Jan 2 res line, 61.8% $1.5269-1.6381
SUP 2: $1.5609 Lower daily Bolli band
SUP 3: $1.5614 Monthly Trendline from Jan 2009
SUP 4: $1.5531 76.4% of $1.5269-1.6381
USD/JPY: Bulls Eye 38.2% At Y93.99, Bears Eye Dec 21 Supp Line. USD/JPY slips a little lower towards the Dec 21 support line, however 10-day momentum shows positive divergence while slow tochastic looks to form a sell-signal in overbought territory. Initial res seen at Y93.18, the Feb 4 high, while initial support seen at Y91.41, the Jan 30 high. The Dec 21 support line is at Y91.17, which bears may target in the short-term. Weekly and monthly studies remain bullish, although weekly studies are very stretched.
RES 4: Y97.79 Aug 2009 reversal high
RES 3: Y94.99 May 2010 reversal high
RES 2: Y93.99 38.2% Fibonacci of Y124.14 to Y75.35
RES 1: Y93.18/28 High Feb 4, 3.00% MA Envelope
LATEST PRICE: Y92.39
SUP 1: Y91.41 High Jan 30
SUP 2: Y91.17 Dec 21 support line
SUP 3: Y90.80 Tenkan line
SUP 4: Y90.48 23.6% of Y81.72-93.18
EUR/JPY: Bearish Engulfing Pattern Cautions Bulls. EUR/JPY leaves a bearish engulfing candle pattern, we await for confirmation, however 10-day momentum keeps moving higher. Daily slow stochastic bearish with a sell-signal in overbought. Initial supp now seen at Y124.11, the 2.00% MA env top, below here supp seen at Y123.09/33 the 38.2% of Y169.96-Y94.12 and Apr 2011 high. Weekly studies slipping, but monthly studies rise. Initial res at Y125.32, the 3.00% MA env. Bulls eye Y126.97, the Feb 1 high.
RES 4: Y132.04/17 50.0% of Y169.96-Y94.12, 100-month MA
RES 3: Y127.91 Reversal high April 2010
RES 2: Y126.97 High Feb 1
RES 1: Y125.32 3.00% MA envelope
LATEST PRICE: Y124.57
SUP 1: Y124.11 2.00% MA envelope
SUP 2: Y123.09/33 38.2% of Y169.96-Y94.12, Apr 2011 high
SUP 3: Y122.02/28 23.6% of Y105.98-126.97, Tenkan line
SUP 4: Y121.22 Low Jan 29
EasyForexNews Research Team