EUR/USD: Pushing Higher While Daily Studies Suggest Bullish Reversal. The pair has popped up above the former short-term Feb 1 res line to trade just below the 21-DMA, now initial res at $1.3451. Daily studies suggest they are turning higher and a break above the 21-DMA may target the Feb 13 high at $1.3520. The 200-wk MA lies above at $1.3533, which was key res last week, so focus on here if bulls push higher. However, wkly studies are bearish and initial supp at $1.3375, the 5-DMA, further supp at $1.3306, the Feb 15 low.
RES 4: $1.3533 200-week MA
RES 3: $1.3514/20 23.6% of $1.2877-1.3711, High Feb 13
RES 2: $1.3487/91 High Feb 2012, 50.0% $1.4940-1.2043
RES 1: $1.3451 21-day moving average
Latest price: $1.3414
SUP 1: $1.3375 5-day moving average
SUP 2: $1.3306 Low Feb 15
SUP 3: $1.3273/84/94 21-month MA, 55-DMA, 50.0% of $1.2877-1.3711
SUP 4: $1.3261/75 Weekly supp line from Jul 2012 low, Lower Bolli band
GBP/USD: Bears Eye Monthly Bolli Band At $1.5351. The cross with a lower high and lower low, slipping further to a new low of $1.5415. Daily studies continue their lacklustre decline while wkly and mthly studies are firmly bearish. Initial supp seen at $1.5394 and $1.5400/15, the 12 Jul low, lower daily Bolli band and low of 19 Feb. Further supp at $1.5351, the lower monthly Bolli band. We note again that if the month ends below $1.5614, the break of the rising triangle should target a measured move to $1.4795.
RES 4: $1.5643/69 23.6% of $1.6381-1.5415, 21-DMA
RES 3: $1.5614/31 Mthly Trendline Jan 2009, Low Feb 5
RES 2: $1.5573/82 Low Feb 12, Jan 2 res line
RES 1: $1.5467 5-DMA
Latest price: $1.5434
SUP 1: $1.5394/5400/15 Low Jul 12, Lower daily Bolli band, Low Feb 19
SUP 2: $1.5351 Lower Monthly Bollinger band
SUP 3: $1.5310/34 Former 23.6% $2.1161-1.3503, Weekly supp line Jan 2012 low
SUP 4: $1.5269 Jun 2012 reversal low
USD/JPY: Daily Studies Bearish, Opens Below Dec 28 Support Line. USD/JPY currently pushing lower and already below the Tenkan line at Y93.32 while daily studies lead the way down. Focus turns to support as the pair opened below the Dec 28 support line, now initial res at Y93.68, but bears will eye the 21-DMA at Y92.44, our key initial support which dol-yen bounced from the last time it closed below the Dec 28 support line. A break below the 21-DMA would encourage bears down to the 23.6% of Y81.72-94.46 at Y91.45.
RES 4: Y94.99/95.11 May 2010 reversal high, 2.00% upper MA envelope
RES 3: Y94.46 Feb 11 high
RES 2: Y93.99 38.2% Fibo of Y124.14 to Y75.35
RES 1: Y93.68 Dec 21 support line
Latest price: Y93.18
SUP 1: Y92.44 21-day moving average
SUP 2: Y91.41/45 High Jan 30, 23.6% of Y81.72-94.46
SUP 3: Y91.13 Kijun line
SUP 4: Y89.51 38.2% of Y81.72-94.46
EUR/JPY: Focus On Support, 21-DMA At Y124.35 & Trendline At Y123.90. The pair almost held above the channel drawn on the hourly chart, the channel top now forms initial res at Y125.54 and the base lies at Y122.47. Daily studies continue to slide, although slow stochastic has firmed a touch. However, weekly studies remain bearish. Initial supp seen at Y124.35/50, the 21-DMA and Feb 7 low. A break below here would threaten the Dec 10 trendline, key support at Y123.90 and if broken would confirm the bearish reversal.
RES 4: Y127.91/97 Reversal high April 2010, 2.00% MA envelope
RES 3: Y127.71 High Feb 6
RES 2: Y126.95 High Feb 12
RES 1: Y125.54 Channel on hourly chart
Latest price: Y125.15
SUP 1: Y124.35/50 21-day moving average, Low Feb 7
SUP 2: Y123.90 Dec 10 trendline
SUP 3: Y123.43 Feb 8 low
SUP 4: Y123.09 38.2% of Y169.96-Y94.12
EasyForexNews Research Team