EUR/USD: Moves Below Jul 2012 Supp Line, Momentum Negative Divergence. The pair meets support around the 61.8% of $1.2877-1.3711, still at $1.3196 which the pair broke below but remains above for now. Daily slow stochastic slides while 10-day mom still shows a little negative divergence. Initial res at $1.3227, the daily Jul 2012 supp line and initial supp seen at $1.3161, the Feb 21 low. A break below should see bears target the 100-DMA at $1.3121, however bulls aim to regain ground above the daily supp line from Jul.
RES 4: $1.3306 Low Feb 15
RES 3: $1.3284/90/94 5-DMA, 55-DMA, 50.0% of $1.2877-1.3711
RES 2: $1.3261 Weekly supp line from Jul 2012 low
RES 1: $1.3227 Jul 2012 daily supp line
Latest price: $1.3210
SUP 1: $1.3161 Low Feb 21
SUP 2: $1.3121 100-day moving average
SUP 3: $1.3074 76.4% of $1.2877-1.3711
SUP 4: $1.2998 Low Jan 4
GBP/USD: Potential Hammer, Measured Move Still Targets $1.4795. GBP found supp around $1.5132 and bounced higher to leave a hammer candle, often a reversal indicator, but we await the close today to confirm. Daily studies look likely to turn higher while the pair regains lost ground to trade back within the Bolli band. Initial res now seen as the 5-DMA at $1.5334 and further res at $1.5427, the 23.6% of $1.6381-1.5132. However, wkly and mthly studies still bearish. Initial supp at $1.5241, the lower daily Bolli band.
RES 4: $1.5573 Low Feb 12
RES 3: $1.5531/37 76.4% of $1.5269-1.6381, Res line from Jan 2
RES 2: $1.5427 23.6% of $1.6381-1.5132
RES 1: $1.5334 5-DMA
Latest price: $1.5292
SUP 1: $1.5241 Lower daily Bolli band
SUP 2: $1.5132 Low Feb 21
SUP 3: $1.5077 3.00% lower MA envelope
SUP 4: $1.4921 4.00% lower MA envelope
USD/JPY: 21-DMA Holding As Support At Y92.81, Bears Eye Below. The cross now testing the 21-DMA as initial supp at Y92.81, our key supp level while daily studies point lower. A break below here could see the pair collapse to Y91.45, the 23.6% of Y81.72-94.46 and then the Kijun line at Y91.26. However, bulls look to push higher to the Feb 11 high of Y94.46. Wkly studies still suggest reversing lower while mthly studies push higher. Initial res seen at Y93.99/94.14, the 38.2% of Y124.14-75.35 and Dec 21 supp line.
RES 4: Y96.20 3.00% MA envelope
RES 3: Y94.99/95.27 May 2010 reversal high, 2.00% upper MA envelope
RES 2: Y94.46 Feb 11 high
RES 1: Y93.99/94.14 38.2% of Y124.14-75.35, Dec 21 support line
Latest price: Y93.28
SUP 1: Y92.81 21-day moving average
SUP 2: Y91.41/45 High Jan 30, 23.6% of Y81.72-94.46
SUP 3: Y91.26 Kijun line
SUP 4: Y89.22/59 Monthly Ichimoku cloud base, 38.2% Y81.72-94.46
EUR/JPY: Sinks To Kijun Line, Bears Eye Hourly Channel Base. EUR/JPY breaks below the key Dec 10 support line and sinks to the Kijun line and 23.6% level, where the pair found support and currently holds above. Our initial supp level is at Y123.38/58, the Kijun line and 23.6% of Y105.98-127.71. The pair trades within the hourly channel and recently tested the base before heading higher. The channel base is further supp at Y122.20. Initial res at Y124.59/60/65, the key Dec 10 trendline, Tenkan and 21-DMA.
RES 4: Y127.71 High Feb 6
RES 3: Y126.95 High Feb 12
RES 2: Y125.56 Channel on hourly chart
RES 1: Y124.59/60/65 Dec 10 trendline, Tenkan line, 21-DMA
Latest price: Y123.25
SUP 1: Y122.38/58 Kijun line, 23.6% of Y105.98-127.71
SUP 2: Y122.20 hourly channel base
SUP 3: Y120.61/71 High Jan 17, 18
SUP 4: Y119.41 38.2% of Y105.98-127.71
EasyForexNews Research Team