EUR/USD: Stuck Below 38.2%, Daily & Weekly Studies Slide. The pair posted an inside-day on Monday as it languished at the same level, just below the former 38.2% of $1.2877-1.3711 at $1.3392. Daily studies continue to slide, as do weekly studies. Initial support at $1.3306, the low of Feb 15, further support seen at $1.3272/73/94, the 55-DMA, 21-month MA and 50.0% level. Bears will likely aim to test the daily support line from July at $1.3204. Initial res seen at $1.3359/76/92, the 100-week MA, 5-DMA and 38.2%.
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: $1.3425/45 Res line from Feb 1, 21-DMA
RES 1: $1.3359/76/92 100-week MA, 5-DMA, 38.2% of $1.2877-1.3711
Latest price: $1.3353
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: $1.3253/61 Lower Bolli band, Weekly supp line from Jul 2012 low
SUP 4: $1.3196/3204 61.8% of $1.2877-1.3711, Jul 2012 daily supp line
GBP/USD: New Low At $1.5438, Tech Studies Remain Bearish. The cross makes a new low again, now at $1.5438 which forms initial supp with the daily Bolli band at $1.5442. Daily studies are a touch bearish while weekly and monthly studies decline. Supp below here is thin, however, the Jul 12 low is at $1.5394, the lower monthly Bolli band is at $1.531 and a weekly supp line from Jan 2012 low is at $1.5334. Bulls will be looking to test the Jan 2 res line at $1.5605, ahead of here, initial res seen at $1.5498, the 5-DMA.
RES 4: $1.5661 23.6% of $1.6381-1.5438
RES 3: $1.5605/14/31 Jan 2 res line, Mthly Trendline Jan 2009, Low Feb 5
RES 2: $1.5573 Low Feb 12
RES 1: $1.5498 5-DMA
Latest price: $1.5489
SUP 1: $1.5438/42 Low Feb 18, Lower daily Bolli band
SUP 2: $1.5394 Low Jul 12
SUP 3: $1.5351 Lower Monthly Bollinger band
SUP 4: $1.5310/34 Former 23.6% $2.1161-1.3503, Weekly supp line Jan 2012 low
USD/JPY: Negative Divergence On 10-Day Momentum. USD/JPY still trading just below the Feb 11 high of Y94.46 and just above the Dec 21 support line, which now lies at Y93.46, initial support just above the Tenkan line at Y93.32. Daily studies are still bearish and 10-day momentum is sharply lower, showing negative divergence. A break below initial supp could see dol-yen collapse to the 21-DMA at Y92.23 and then the 23.6% of Y81.72-94.46 at Y91.45. However, bulls will look to test the Feb 11 high.
RES 4: Y95.91 3.00% MA envelope
RES 3: Y94.97/99 2.00% upper MA envelope, May 2010 reversal high
RES 2: Y94.46 Feb 11 high
RES 1: Y93.99 38.2% Fibo of Y124.14 to Y75.35
Latest price: Y93.61
SUP 1: Y93.32/46 Tenkan line, Dec 21 support line
SUP 2: Y92.23 21-day moving average
SUP 3: Y91.41/45 High Jan 30, 23.6% of Y81.72-94.46
SUP 4: Y91.13 Kijun line
EUR/JPY: Trades In Hourly Channel, Daily Studies Sharply Lower. EUR/JPY has been trading in a range since early Feb, the channel top, drawn on the hourly chart, lies at Y125.91 and the base at Y122.61. The pair currently trades in the upper part of the channel, after bulls failed to test the top as res. Daily studies are sharply lower, in contrast to price action. Weekly studies are starting to slide and initial supp seen at Y124.50, the Feb 7 low. Bears will be looking to test the Dec 10 supp line at Y123.55.
RES 4: Y127.91 Reversal high April 2010
RES 3: Y127.71/85 High Feb 6, 2.00% MA envelope
RES 2: Y126.95 High Feb 12
RES 1: Y125.90 Channel on hourly chart
Latest price: Y125.13
SUP 1: Y124.50 Low Feb 7
SUP 2: Y124.01 21-day moving average
SUP 3: Y123.43/55 Feb 8 low, Dec 10 support line
SUP 4: Y123.09 38.2% of Y169.96-Y94.12
EasyForexNews Research Team