EUR/USD: Bears Look To Close Below 23.6% & Eye 38.2% At $1.3392. The pair slips below the Jan 10 support line, now initial resistance at $1.3533 with the 5-DMA at $1.3555. Daily studies are now decidedly bearish and while bulls may try to retest the Jan 10 supp line as resistance, bears will be looking to move down to the 21-DMA at $1.3426, after breaking and closing below the 23.6% Fibonacci which the pair currently trades just above. Weekly studies look likely to reverse soon while monthly studies remain bullish.
RES 4: $1.3833/37 61.8% of $1.4940 to $1.2043, Reversal low Jul 2012
RES 3: $1.3711 High Feb 1
RES 2: $1.3672 Upper daily Bollinger band
RES 1: $1.3533/55 Support line from Jan 10, 5-day moving average
LATEST PRICE: $1.3515
SUP 1: $1.3487 High Feb 2012
SUP 2: $1.3426/51/59 21-DMA, 100-month MA, Low Feb 5
SUP 3: $1.3376/92 100-week MA, 38.2% of $1.2877-1.3711
SUP 4: $1.3294 50.0% of $1.2877-1.3711
GBP/USD: Key Initial Support At $1.5614, Studies Bearish. GBP posts a doji and also a potential double-day low, however weekly studies remain bearish and monthly studies have reversed recently,
skewing risk to the downside. The monthly trendline remains our key initial supp at $1.5614, a break below here may trigger a measured move to $1.4795, using the height of the triangle pattern. Further supp at $1.5531/46, the 76.4% of $1.5269-1.6381 and the lower Bolli band. Initial res at $1.5688, the 5-DMA.
RES 4: $1.5856/60 21-DMA, 200-wk MA
RES 3: $1.5808 23.6% of $1.6381-1.5631
RES 2: $1.5746 Low Jan 25
RES 1: $1.5688 5-day moving average
LATEST PRICE: $1.5665
SUP 1: $1.5614 Monthly Trendline from Jan 2009
SUP 2: $1.5531/46 76.4% of $1.5269-1.6381, Lower daily Bolli band
SUP 3: $1.5491 Low Aug 2 2012
SUP 4: $1.5383 Lower Monthly Bollinger band
USD/JPY: Potential Evening-Star Pattern, Daily Studies Wane. USD/JPY leaves a doji after reaching a new high of Y94.06 yesterday, potentially it could form an evening-star pattern. We look for confirmation soon, however weekly and monthly studies are bullish, although weekly studies are very stretched. Initial support seen at Y93.07, the 2.00% MA envelope. Bulls will be looking to break and close above the 38.2% of Y124.14-75.35 at Y93.99 and yesterday’s high at Y94.06.
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, Feb 6 high
LATEST PRICE: Y93.56
SUP 1: Y93.07 2.00% MA envelope
SUP 2: Y92.19 Tenkan line
SUP 3: Y91.41/63 High Jan 30, Dec 21 support line
SUP 4: Y91.15 23.6% of Y81.72-94.06
EUR/JPY: 10-Day Momentum Slides, Monthly Studies Remain Bullish. EUR/JPY slips lower following a new high of Y127.71 yesterday, focus may turn to the downside as daily studies are stretched and 10-day momentum is sharply lower. Initial support seen at Y125.24/36, the reversal high of Feb 2010 and 2.00% MA envelope. However, monthly studies remain bullish and weekly studies are also bullish, but stretched. Initial res seen at Y127.71, the Feb 6 high, with further res at Y127.91, the reversal high of April 2010.
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 High Feb 6
LATEST PRICE: Y126.74
SUP 1: Y125.24/36 Reversal high Feb 2010, 2.00% MA envelope
SUP 2: Y124.46 Tenkan line
SUP 3: Y123.09/33 38.2% of Y169.96-Y94.12, Apr 2011 high
SUP 4: Y122.58 23.6% of Y105.98-127.21
EasyForexNews Research Team