EUR/USD: Potential Weekly Bearish Engulfing, Weekly Studies Bearish. The pair holds below the former 38.2% of $1.2877-1.3711, now initial res at $1.3392. However, daily studies are bearish and initial supp now seen at $1.3275/94, the 21-month MA and 50.0%. Weekly studies are mixed, 10-wk momentum remains slightly bullish while slow stochastic shows a sell-signal. But monthly studies remain bullish. Bears may aim to test the weekly supp line at $1.3220, but the monthly res line at $1.4262 is our L-T target.
RES 4: $1.3514 23.6% of $1.2877-1.3711
RES 3: $1.3485/87 5-DMA, High Feb 2012
RES 2: $1.3427/33/51/59 21-DMA, 5-week MA, 100-month MA, Low Feb 5
RES 1: $1.3392 Former 38.2% of $1.2877-1.3711
Latest price: $1.3374
SUP 1: $1.3275/94 21-month MA, 50.0% of $1.2877-1.3711
SUP 2: $1.3217/20/34 Lower daily Bolli band, Weekly supp line from Jul, 55-DMA
SUP 3: $1.3196 61.8% of $1.2877-1.3711
SUP 4: $1.3157 Jul 2012 daily supp line
GBP/USD: Closes Above Jan 2 Res Line But Below 23.6% & 38.2% Level. GBP rises above the redrawn S-T res line from Jan 2 and closed above. Price action met res around the 21-DMA, now at $1.5825, before consolidating to close below the 23.6% of $1.6381-1.5631 and 38.2% of $1.6747-1.5235, now initial res at $1.5808/13. Daily studies are bullish while weekly studies look likely to turn bullish. However, monthly studies have just turned bearish. Initial supp at $1.5742/46, former Jan 2 res line & Jan 25 low.
RES 4: $1.5880/87 200-DMA, 55-week MA
RES 3: $1.5866 200-wk MA
RES 2: $1.5825 21-day moving average
RES 1: $1.5808/13 23.6% of $1.6381-1.5631, 38.2% of $1.6747-1.5235
Latest price: $1.5798
SUP 1: $1.5742/46 Redrawn short-term res line from Jan 2, Low Jan 25
SUP 2: $1.5727 5-day moving average
SUP 3: $1.5675/94 Low Jan 28, 61.8% of $1.5269-1.6381
SUP 4: $1.5614 Monthly Trendline from Jan 2009
USD/JPY: Double Evening-Star Pattern, Tenkan Line Initial Supp. USD/JPY sinks from its from its double evening-star doji days however met supp from the Tenkan line, now initial supp at Y92.36 with the Dec 21 supp line at Y92.08. A break below these levels would likely target the 23.6% of Y81.72-94.06 at Y91.15, just above the 21-DMA at Y90.98. Daily studies remain bearish and weekly studies show a sell-signal in overbought territory. Monthly studies are still bullish. Initial res at Y93.45, the 2.00% MA envelope.
RES 4: Y97.79 Aug 2009 reversal high
RES 3: Y94.99 May 2010 reversal high
RES 2: Y93.99/94.06/36 38.2% of Y124.14-75.35, Feb 6 high, 3.00% MA envelope
RES 1: Y93.45 2.00% MA envelope
Latest price: Y92.57
SUP 1: Y92.36 Tenkan line
SUP 2: Y92.08 Dec 21 support line
SUP 3: Y91.41 High Jan 30
SUP 4: Y90.98/91.15 21-DMA, 23.6% of Y81.72-94.06
EUR/JPY: Weekly Chart Dark Cloud Cover Pattern, Studies Slide. EUR/JPY slips below the Tenkan line, now our initial res level at Y125.01, but daily studies point lower. Initial supp seen at Y123.43, the low of Feb 8, with further supp seen at Y123.09/33, the 38.2% of Y169.96-Y94.12 and Apr 2011 high. Weekly studies are reversing lower, slow stochastic shows a sell-signal in overbought levels. The weekly chart also shows a dark cloud cover pattern, we wait for confirmation. Further supp seen at Y122.58, the 23.6%.
RES 4: Y127.08 3.00% MA envelope
RES 3: Y125.84 2.00% MA envelope
RES 2: Y125.24 Reversal high Feb 2010
RES 1: Y125.01 Tenkan line
Latest price: Y123.89
SUP 1: Y123.43 Feb 8 low
SUP 2: Y123.09/33 38.2% of Y169.96-Y94.12, Apr 2011 high
SUP 3: Y122.58 23.6% of Y105.98-127.21
SUP 4: Y122.16 21-day moving average
EasyForexNews Research Team