EUR/USD: Hits $1.2967 As Studies Slide, Bears Eye 200-DMA At $1.2846. The pair breaks below the Feb 26 low of $1.3018, but now trades back at that level after reaching $1.2967 on Friday. Daily studies continue to track lower into oversold territory while weekly studies also slide and monthly studies show the potential for a reversal. Initial support now seen at $1.2967, the Mar 1 low, further supp at $1.2944, the lower daily Bolli band. Initial res at $1.3059, the 5-DMA. Bears may look to test the 200-DMA at $1.2846.
RES 4: $1.3186/96 Res line from Feb 1, Former 61.8% of $1.2877-1.3711
RES 3: $1.3143/45/50 23.6% $1.3711-1.2967, Low Feb 22, 38.2% $1.4940/1.2043
RES 2: $1.3129 100-day moving average
RES 1: $1.3059 5-day moving average
Latest price: $1.3016
SUP 1: $1.2967 Low Mar 1
SUP 2: $1.2944 Lower daily Bolli band
SUP 3: $1.2922 55-week MA
SUP 4: $1.2877 Reversal low Dec 7, 50.0% of $1.2043-1.3711
GBP/USD: Studies Sink Again, Measured Move Still Targets $1.4795. The cross sinks lower, following weekly and monthly studies down, however wkly and mthly momentum firmed a touch. Daily studies also slipping and the new low of $1.4986 may be tested as we still see a measured move to $1.4795, following the break of a rising triangle pattern on the monthly chart. Initial supp seen as the Mar 1 low of $1.4986 and further supp seen from the lower Bolli band at $1.4913. Initial res seen at $1.5073/81, the lows of Feb 25 and 27.
RES 4: $1.5219/22/35 Feb 26 high, Feb 28 high, Reversal low Jan 2012
RES 3: $1.5132 Low Feb 21
RES 2: $1.5104 5-DMA
RES 1: $1.5073/81 Low Feb 25, 27
Latest price: $1.5035
SUP 1: $1.4986 Low Mar 1
SUP 2: $1.4913 Lower daily Bolli band
SUP 3: $1.4855 61.8% of $1.3503-1.7043
SUP 4: $1.4837 3.00% lower MA envelope
USD/JPY: Closes Above Tenkan & 21-DMA, Bulls Eye Feb 25 High At Y94.77. The pair breaks higher to rise above the Tenkan line and 21-DMA, now initial supp at Y92.82/93.18, while daily slow stochastic now shows a buy-signal, suggesting a return to a bullish trend. Initial res now seen at Y93.99, the 38.2% of Y124.14-75.35. However, weekly studies remain bearish and bears may look to test initial supp and move down to the Kijun line at Y92.55, but bulls aim higher to the Feb 25 high of Y94.77.
RES 4: Y95.89 3.00% MA envelope
RES 3: Y94.96/99 2.00% upper MA envelope, May 2010 reversal high
RES 2: Y94.46/77 Feb 11 high, Feb 25 high
RES 1: Y93.99 38.2% of Y124.14-75.35
Latest price: Y93.44
SUP 1: Y92.82/93.18 Daily Tenkan line, 21-day moving average
SUP 2: Y92.55 Kijun line,
SUP 3: Y91.69 23.6% of Y81.72-94.77
SUP 4: Y90.88 Low Feb 25
EUR/JPY: Daily Slow Stochastic Shows Buy-Signal, Holds Below Tenkan. EUR/JPY remains below the Tenkan line but has risen to hold just below this initial res level, now seen at Y122.32 alongside the former 23.6% level at Y122.58. Daily studies mixed as slow stochastics shows a buy-signal and 10-day momentum continues to slide. Initial supp seen at Y120.13/16, the highs of Jan 14 and 22. The Kijun line did cross below the Tenkan line, but shows only a weak sell-signal, wkly studies are bearish but mthly studies continue to rise.
RES 4: Y125.24 Reversal high Feb 2010
RES 3: Y123.88 21-DMA
RES 2: Y123.22/33/43 Kijun line, Apr 2011 high, Feb 8 low
RES 1: Y122.32/58 Tenkan line, 23.6% Y105.98-127.71
Latets price: Y121.55
SUP 1: Y120.13/16 High Jan 14, 22
SUP 2: Y119.41/61 38.2% of Y105.98-127.71, 55-DMA
SUP 3: Y118.89 Monthly Ichimoku cloud base
SUP 4: Y118.31 Daily Ichimoku cloud top
EasyForexNews Research Team