EUR/USD: Daily & Weekly Studies Bearish, Bulls Eye Feb 1 Res Line. EUR/USD leaves a doji but also shows a lower high and lower low, encouraging bears while daily studies slide. Initial support seen at $1.3306, the low of Feb 15, and further support seen at $1.3272/73/94, the 55-DMA, 21-month MA and 50.0% of $1.2877-1.3711. A break below here could see bears challenge the daily support line from the July low at $1.3196. However, bulls will be looking to test the res line from Feb 1 at $1.3448.
RES 4: $1.3514/20 23.6% of $1.2877-1.3711, High Feb 13
RES 3: $1.3487/91 High Feb 2012, 50.0% $1.4940-1.2043
RES 2: $1.3442/48 21-DMA, Res line from Feb 1
RES 1: $1.3359/92/93 100-week MA, 38.2% of $1.2877-1.3711, 5-DMA
Latest price: $1.3337
SUP 1: $1.3306 Low Feb 15
SUP 2: $1.3272/73/94 55-DMA, 21-month MA, 50.0% of $1.2877-1.3711
SUP 3: $1.3251/61 Lower Bolli band, Weekly supp line from Jul 2012 low
SUP 4: $1.3196 Jul 2012 daily supp line & 61.8% of $1.2877-1.3711
GBP/USD: Bears Eye Feb 15 Low At $1.5462, Wkly & Mthly Studies Slide. The cross makes a new low at $1.5462 while daily studies move sideways a little, however weekly and monthly studies are bearish. We still await the end of the month to confirm a break of an ascending triangle on the monthly chart, a measured move should target $1.4795. Bears will be looking to break below the
Feb 15 low at $1.5462, the Jul 12 low at $1.5394 and the lower monthly Bolli band at $1.5354. Bulls look towards the Jan 2 res line at $1.5628.
RES 4: $1.5679 23.6% of $1.6381-1.5462
RES 3: $1.5614/28/31 Mthly Trendline Jan 2009, Jan 2 res line, Low Feb 5
RES 2: $1.5573 Low Feb 12
RES 1: $1.5541 5-DMA
Latest price: $1.5489
SUP 1: $1.5462 Low Feb 15
SUP 2: $1.5394 Low Jul 12
SUP 3: $1.5354 Lower Monthly Bollinger band
SUP 4: $1.5310/34 Former 23.6% $2.1161-1.3503, Weekly supp line Jan 2012 low
USD/JPY: Long Upper Shadows On Weekly Chart Cautions Bulls. The pair holds below Y93.99, the 38.2% of Y124.14 to Y75.35, despite a break above already. Bulls looking to close above here and break higher to test the Feb 11 high at Y94.46, also the 2.00% MA envelope at Y94.78. Daily studies suggest they could reverse higher again, wkly studies stretched but bullish and mthly studies continue to push higher. The wkly chart shows long upper shadows, initial supp at Y93.23/32, the Dec 21 supp line and Tenkan line.
RES 4: Y95.71 3.00% MA envelope
RES 3: Y94.99 May 2010 reversal high
RES 2: Y94.46/78 Feb 11 high, 2.00% upper MA envelope
RES 1: Y93.99 38.2% Fibo of Y124.14 to Y75.35
Latest price: Y93.96
SUP 1: Y93.23/32 Dec 21 support line, Tenkan line
SUP 2: Y92.04 21-day moving average
SUP 3: Y91.41/45/71 High Jan 30, 23.6% of Y81.72-94.46
SUP 4: Y91.13 Kijun line
EUR/JPY: Dec 10 Supp Line Key Support At Y123.21. EUR/JPY tested support in the last session as it broke below the 21-DMA, now at Y123.73 and bounced from the Dec 10 support line, now key support at Y123.21. Daily studies remain bearish however suggest a potential reversal, weekly studies are stretched while monthly studies still bullish. Bulls eye 127.71, the Feb 6 high. A break above here would open the topside while failure here will likely see bears test the Dec 10 supp line again.
RES 4: Y128.92 3.00% MA envelope
RES 3: Y127.91 Reversal high April 2010
RES 2: Y127.67/71 2.00% MA envelope, High Feb 6
RES 1: Y126.95 High Feb 12
Latest price: Y125.42
SUP 1: Y124.50 Low Feb 7
SUP 2: Y123.73 21-day moving average
SUP 3: Y123.09/21 38.2% of Y169.96-Y94.12, Dec 10 support line
SUP 4: Y122.58 23.6% of Y105.98-127.71
EasyForexNews Research Team