EUR/USD: Daily Studies Bearish, Weekly Studies Turn Lower. The pair sinks further after posting a doji with a long upper shadow on Weds, which caused daily studies to slide further after threatening to reverse higher. Initial supp now seen at $1.3315, yesterday’s low, and further supp at $1.3267/74/94, the 55-DMA, 21-mth MA and 50.0% of $1.2877-1.3711. The weekly chart also shows a long upper shadow, we await today’s close to confirm this candle. Wkly studies are waning but mthly studies still bullish.
RES 4: $1.3532 200-week MA
RES 3: $1.3514/20 23.6% of $1.2877-1.3711, High Feb 13
RES 2: $1.3472/87/91 Res line from Feb 1, High Feb 2012, 50.0% $1.4940-1.2043
RES 1: $1.3376/92/3405 100-week MA, 38.2% of $1.2877-1.3711, 5-DMA
Latest price: $1.3351
SUP 1: $1.3315 Low Feb 14
SUP 2: $1.3267/74/94 55-DMA, 21-month MA, 50.0% of $1.2877-1.3711
SUP 3: $1.3220/47 Weekly supp line from Jul 2012 low, Lower Bolli band
SUP 4: $1.3188/96 Jul 2012 daily supp line, 61.8% of $1.2877-1.3711
GBP/USD: Weekly & Monthly Studies Slide, Back Within Bolli Band. The cross recovers a little of its losses recently and moves back within the daily Bolli band. Daily studies are fairly flat and don’t indicate a trend, however weekly and monthly studies are bearish. Initial supp seen at $1.5475, the recent Feb 14 low, with further supp at $1.5394, the Jul 12 low. We continue to note the break of the monthly rising triangle pattern and await the end of the month to confirm. Initial res seen at $1.5573/75, the Feb 12 low and 5-DMA.
RES 4: $1.5726/46 21-DMA, Low Jan 25
RES 3: $1.5651/89 Redrawn S-T res line from Jan 2, 23.6% of $1.6381-1.5475
RES 2: $1.5614/31 Monthly Trendline from Jan 2009, Low Feb 5
RES 1: $1.5573/75 Low Feb 12, 5-DMA
Latest price: $1.5517
SUP 1: $1.5475 Low Feb 14
SUP 2: $1.5394 Low Jul 12
SUP 3: $1.5360 Lower Monthly Bollinger band
SUP 4: $1.5310/32 Former 23.6% $2.1161-1.3503, Weekly supp line Jan 2012 low
USD/JPY: Potential Double Gravestone Dojis On Weekly Chart. USD/JPY falls below the Tenkan line and then the Dec 21 support line all while daily studies sharply slide. Bulls will try and retest the supp line at Y93.00 and then the Tenkan line at Y93.22. However, bears will be looking lower, towards the 21-DMA at Y91.81, which the pair bounced from the last time it sank below the Dec 21 supp line. If dolyen closes around Y92.57, the wkly chart will have formed two gravestone doji candles, encouraging bears.
RES 4: Y94.46/50 Feb 11 high, 2.00% upper MA envelope
RES 3: Y93.99 38.2% Fibo of Y124.14 to Y75.35
RES 2: Y93.22 Tenkan line
RES 1: Y93.00 Dec 21 support line
Latest price: Y92.51
SUP 1: Y91.81 21-day moving average
SUP 2: Y91.41/45/71 High Jan 30, 23.6% of Y81.72-94.46
SUP 3: Y91.13 Kijun line
SUP 4: Y89.22 Monthly Ichimoku cloud base
EUR/JPY: Daily Studies Plummet, Weekly Chart Long Upper Shadow. The pair slips below the Tenkan line again, now initial res at Y125.46, while daily studies sharply decline. The pair also broke below the 21-DMA at Y123.43, but currently holds above. Initial supp seen at Y123.09, the 38.2% of Y169.96-94.12 and below here lies the key Dec 10 supp line at Y122.86, which bears will likely target. A break below here would confirm a bearish trend as would the potential reversal in weekly tech studies.
RES 4: Y126.95 High Feb 12
RES 3: Y125.46 Tenkan line
RES 2: Y125.01 Low Feb 12
RES 1: Y124.50 Low Feb 7
Latest price: Y123.92
SUP 1: Y123.09 38.2% of Y169.96-Y94.12
SUP 2: Y122.86 Dec 10 support line
SUP 3: Y122.58 23.6% of Y105.98-127.71
SUP 4: Y122.09 Kijun line
EasyForexNews Research Team