EUR/USD: Studies Slide, 100-DMA Key Res At $1.3125. The pair left a doji yesterday after bulls tested the 100-DMA as res, despite the bearish daily studies. Daily studies continue to slide, however now look oversold. Initial supp seen at $1.3018/27, the Feb 26 low and lower Bolli band. Further supp at $1.2998, the reversal low of Jan 4. Bulls aim to test initial res again, seen at $1.3113/24/25, the 5-DMA, 21-wk MA and the key 100-DMA. Wkly studies also fall, bears eye the 55-wk MA at $1.2925.
RES 4: $1.3250 Jul 2012 daily supp line
RES 3: $1.3196 61.8% of $1.2877-1.3711
RES 2: $1.3145/50 Low Feb 22, Former 38.2% $1.4940/1.2043
RES 1: $1.3113/24/25 5-DMA, 21-week MA, 100-day moving average
Latest price: $1.3055
SUP 1: $1.3018/27 Low Feb 26, Lower daily Bolli band
SUP 2: $1.2998 Low Jan 4
SUP 3: $1.2925 55-week MA
SUP 4: $1.2877 Reversal low Dec 7, 50.0% of $1.2043-1.3711
GBP/USD: Bears Eye 61.8% At $1.4855, Weekly & Monthly Studies Decline. GBP slips lower, however has yet to test the Feb 25 low as support, our initial supp level at $1.5073. A test of here could see bears break lower towards the lower daily Bolli band at $1.5030 with bears eyeing the 61.8% of $1.3503-1.7043 at $1.4855. Wkly studies are slipping into oversold territory while monthly studies have just turned bearish. Daily studies, however, levelled off and suggest a potential reversal. Initial res seen at $1.5162, the 5-DMA
RES 4: $1.5382 23.6% of $1.6381-1.5073
RES 3: $1.5321 High Feb 22
RES 2: $1.5219/35 Feb 26 high, Reversal low Jan 2012
RES 1: $1.5162 5-DMA
Latets price: $1.5106
SUP 1: $1.5073 Low Feb 25
SUP 2: $1.5030 Lower daily Bolli band
SUP 3: $1.4959 3.00% lower MA envelope
SUP 4: $1.4855 61.8% of $1.3503-1.7043
USD/JPY: Breaks Beneath 23.6% At Y91.69, Bears Look To Close Below. The cross currently holds just above the 23.6% of Y81.72-94.77 at Y91.69, but already broke below. Price action over the last 3 sessions failed to close below this key support level as well as the Kijun line, which is now initial supp at Y91.41, also the Jan 30 high. Daily studies decline further and further supp seen at Y90.88, the Feb 25 low. Initial res seen at Y92.82/96, the daily Tenkan line and 21-DMA, which halted yesterday’s attempt to break higher.
RES 4: Y94.99 May 2010 reversal high,
RES 3: Y94.46/77/83 Feb 11 high, Feb 25 high, Dec 21 support line
RES 2: Y93.99 38.2% of Y124.14-75.35
RES 1: Y92.82/96 Daily Tenkan line, 21-day moving average
Latest price: Y91.69
SUP 1: Y91.41 High Jan 30 & Kijun line
SUP 2: Y90.88 Low Feb 25
SUP 3: Y90.12/22 Weekly support line from Nov 2012, Weekly Tenkan line
SUP 4: Y89.78 38.2% of Y81.72-94.77
EUR/JPY: 55-DMA Key Support At Y118.97, Daily Studies Slide. EUR/JPY continues to hold above the 38.2% at Y119.41 as breaks below in the last two sessions met support from the monthly Ichimoku cloud top and 55-month MA at Y118.89/97. Daily studies continue to slide lower, but slow stochastic approaches oversold levels. A break below further supp could target the daily cloud top at Y117.13, which dol-yen hasn’t tested as supp since Nov 2012. Bulls will look to move up to the Tenkan/Kijun lines at Y122.32/38.
RES 4: Y125.24/62 Reversal high Feb 2010, Dec 10 trendline
RES 3: Y123.32/33/43 21-DMA, Apr 2011 high, Feb 8 low
RES 2: Y122.32/38/58 Tenkan line, Kijun line, 23.6% Y105.98-127.71
RES 1: Y121.22/36 Low Jan 29, High Feb 26
Latest price: Y119.97
SUP 1: Y119.41 38.2% of Y105.98-127.71
SUP 2: Y118.89/97 Monthly Ichimoku cloud base, 55-DMA
SUP 3: Y117.13/26 Daily Ichimoku cloud top, 55-month MA
SUP 4: Y116.85 50.0% of Y105.98-120.71
EasyForexNews Research Team