EUR/USD: Long Upper-Shadow Cautions Bulls, Studies Bearish. The pair sinks further, leaving a significant upper shadow yesterday. Price action tested the Feb 1 res line before breaking below the 100-DMA and 76.4% of $1.2877-1.3711. The 100-DMA is initial res at $1.3123 with the 21-wk MA at $1.3124, bulls aim to retest here, however daily studies bearish, albeit oversold. Supp now at $1.2998, the Jan 4 low, followed by the 55-wk MA at $1.2925, then Dec 7 low and 50.0% $1.2043-1.3711, both at $1.2877.
RES 4: $1.3242 Jul 2012 daily supp line
RES 3: $1.3196 61.8% of $1.2877-1.3711
RES 2: $1.3145/50/55 Low Feb 22, Former 38.2% $1.4940/1.2043, 5-DMA
RES 1: $1.3123/24 100-day moving average, 21-week MA
Latest price: $1.3056
SUP 1: $1.2998 Low Jan 4
SUP 2: $1.2925 55-week MA
SUP 3: $1.2877 Reversal low Dec 7, 50.0% of $1.2043-1.3711
SUP 4: $1.2835 200-DMA
GBP/USD: Potential Buy-Signals On Daily Studies. The cross recovers some if its losses as it bounces from $1.5073 yesterday. Current price action holds just above the 5-DMA, at $1.5204. Daily studies are firming and suggest potential buy-signals on RSI and slow stochastic, adding risk to the upside. Bulls eye the falling Jan 2 res line, at $1.5491, res ahead of here seen at $1.5382, the 23.6% $1.6381-1.5073. Bears look to push lower, past the lower Bolli band at $1.5102 and Feb 25 low at $1.5073.
RES 4: $1.5491 Res line from Jan 2
RES 3: $1.5382 23.6% of $1.6381-1.5073
RES 2: $1.5321 High Feb 22
RES 1: $1.5235 Reversal low Jan 2012
Latest price: $1.5206
SUP 1: $1.5102 Lower daily Bolli band
SUP 2: $1.5073 Low Feb 25
SUP 3: $1.5001 3.00% lower MA envelope
SUP 4: $1.4846/55 4.00% lower MA envelope, 61.8% of $1.3503-1.7043
USD/JPY: Closes Below 21-DMA, Risk Turns To Downside. USD/JPY broke higher yesterday but ended the day massively lower to close just above the 23.6% of Y81.72-94.77, after breaking below the key 21-DMA supp level. Daily studies continue their decline and weekly studies are also bearish. Bears will be looking to turn the pair bearish and a weekly supp line lies at Y90.12, just below the weekly Tenkan line at Y90.22, which bears will look to test. Ahead of here, supp seen at Y91.69, the 23.6% level.
RES 4: Y94.99 May 2010 reversal high
RES 3: Y94.46/60/77 Feb 11 high, Dec 21 support line, Feb 25 high
RES 2: Y93.99 38.2% of Y124.14-75.35
RES 1: Y92.82/92 Daily Tenkan line, 21-day moving average
Latest price: Y92.03
SUP 1: Y91.69 23.6% of Y81.72-94.77
SUP 2: Y91.41 High Jan 30 & Kijun line
SUP 3: Y90.88 Low Feb 25
SUP 4: Y90.12/22 Weekly supp line from Nov 2012, Weekly Tenkan line
EUR/JPY: Large Black Candle Cautions Bulls, Focus Turns To Support. EUR/JPY slides lower leaving a long black candle as daily studies also fall further. Price action met supp around the 55-DMA and monthly Ichimoku cloud base, at Y118.77/89, respectively and the further supp level. Initial supp seen at Y119.41, the 38.2% of Y105.98-127.71, a level which bears will be looking to test and break below. However, bulls are trying to recover some losses and already tested res around Y121.22/36, the Jan 29 low and hourly high.
RES 4: Y124.44 21-day moving average
RES 3: Y123.33/43 Apr 2011 high, Feb 8 low
RES 2: Y122.35/38/58 Tenkan line, Kijun line, 23.6% Y105.98-127.71
RES 1: Y121.22/36 Low Jan 29, High Feb 26
Latest price: Y120.19
SUP 1: Y119.41 38.2% of Y105.98-127.71
SUP 2: Y118.77/89 55-DMA, Monthly Ichimoku cloud base
SUP 3: Y117.26 55-month MA
SUP 4: Y116.64/85 Daily Ichimoku cloud top. 50.0% of Y105.98-120.71
EasyForexNews Research Team