EUR/USD: Bears Eye Jan 10 Supp Line, Daily Studies Firm. The pair pullback eased after the pair rebounded to close above the Jan 10 support line, now initial supp at $1.3508 alongside the 23.6% of $1.2877-1.3711 at $1.3514. Daily studies are showing signs of firming and the bearish engulfing candle has yet to be confirmed. If bulls hold above initial support we may see them take control again. Initial res seen at $1.3681, the upper Bolli band. Further res seen at $1.3711, the Feb 1 high.
RES 4: $1.4262 Monthly resistance line from Jul 2008
RES 3: $1.3833/37 61.8% of $1.4940 to $1.2043, Reversal low Jul 2012
RES 2: $1.3711 High Feb 1
RES 1: $1.3681 Upper daily Bollinger band
LATEST PRICE: $1.3578
SUP 1: $1.3508/14 Support line from Jan 10, 23.6% of $1.2877-1.3711
SUP 2: $1.3487 High Feb 2012
SUP 3: $1.3451/59 100-month MA, Low Feb 5
SUP 4: $1.3376/84/92 100-week MA, 21-DMA, 38.2% of $1.2877-1.3711
GBP/USD: Bears Eye Key Support – Jan 2009 Monthly Trendline. GBP slips below the Jan 28 low to hit a 7-month low, despite the fairly neutral daily studies. Initial support now seen at $1.5631, yesterday’s low, with key support seen at $1.5614, the monthly trendline from Jan 2009. A break below this trendline would target a measured move to $1.4795 as it would break a rising triangle that has been forming since early 2009. Weekly studies remain bearish and monthly studies show a sell-signal in slow stochastic study.
RES 4: $1.5873/85/86 21-DMA, 55-week MA, 200-DMA
RES 3: $1.5860 200-wk MA
RES 2: $1.5808 23.6% of $1.6381-1.5631
RES 1: $1.5725 5-day moving average
LATEST PRICE: $1.5654
SUP 1: $1.5614 Monthly Trendline from Jan 2009
SUP 2: $1.5566 Lower daily Bolli band
SUP 3: $1.5531 76.4% of $1.5269-1.6381
SUP 4: $1.5491 Low Aug 2 2012
USD/JPY: Bulls Trying To Close Above 38.2% Level At Y93.99. USD/JPY again pushes to a new high while 10-day momentum study hits the highest it’s been since Feb 2009. Daily stochastic study also continues to rise and we see initial res at Y93.99/94.06, the 38.2% of Y124.14 to Y75.35 and the hourly high. A break above here could see bulls push higher towards the 100-month MA at Y98.42, however daily and weekly studies are stretched, which should add risk lower. Initial supp at Y92.83, the 2.00% MA envelope.
RES 4: Y98.42 100-month MA
RES 3: Y97.79 Aug 2009 reversal high
RES 2: Y94.99 May 2010 reversal high
RES 1: Y93.99/94.06 38.2% Fibonacci of Y124.14 to Y75.35, Hourly high
LATEST PRICE: Y93.73
SUP 1: Y92.83 2.00% MA envelope
SUP 2: Y92.18 Tenkan line
SUP 3: Y91.40/41 Dec 21 support line, High Jan 30
SUP 4: Y90.15 23.6% of Y81.72-94.06
EUR/JPY: New High Cautions Bears, Weekly Studies Stretched. EUR/JPY continues to squeeze higher despite the bearish engulfing pattern posted at the beginning of this week. Daily studies are squeezing higher again and initial res now seen at Y127.71, the hourly high, with further res seen at Y127.91, the reversal high from April 2010. Res is thin above here, next res seen at Y132.04, the 50.0% of Y169.96-Y94.12. Weekly studies look really stretched, cautioning bulls. Initial supp at Y126.17, the 3.00% MA envelope.
RES 4: Y137.70 Monthly Ichimoku cloud top
RES 3: Y132.04/17 50.0% of Y169.96-Y94.12, 100-month MA
RES 2: Y127.91 Reversal high April 2010
RES 1: Y127.21 Hourly high
LATEST PRICE: Y127.21
SUP 1: Y126.17 3.00% MA envelope
SUP 2: Y125.24 Reversal high Feb 2010
SUP 3: Y124.95 2.00% MA envelope
SUP 4: Y124.19 Tenkan line
EasyForexNews Research Team