EUR/USD: Holds Above $1.2967, Bears Eye 200-DMA At $1.2848. The pair holds above the Mar 1 low of $1.2967, also initial support, to leave an inside day candle. Daily studies languish in oversold levels while wkly studies are also bearish. Mthly studies are bullish with the potential to reverse. A break below initial supp targets the lower Bolli band and 55-wk MA at $1.2921/22 and below here is the 200-DMA at $1.2848. Initial res seen at $1.3056, the 5-DMA, bulls look to test the 100-DMA at $1.3128
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: $1.3128 100-day moving average
RES 1: $1.3056 5-day moving average
Latest price: $1.3036
SUP 1: $1.2967 Low Mar 1
SUP 2: $1.2921/22 Lower daily Bolli band, 55-week MA
SUP 3: $1.2877 Reversal low Dec 7, 50.0% of $1.2043-1.3711
SUP 4: $1.2848 200-DMA
GBP/USD: Pauses Above Mar 1 Low, Daily Studies Rise. The cross recovers losses and holds above Mar 1 low at $1.4986, initial supp now seen at $1.5073/81, the lows of Feb 25 and 27. Daily studies turned higher once more, some suggest a reversal, however we await for confirmation. Initial res seen at $1.5157/63, the lower mthly and wkly Bollinger bands. Further res at $1.5219/22/35, the Feb 26 and 28 highs and the reversal low of Jan 2012. Cable bearish while below the Jan 2 res line, at $1.5377
RES 4: $1.5315/21 23.6% of $1.6381-1.4986, High Feb 22
RES 3: $1.5273 50.0% of $1.3503-1.7043
RES 2: $1.5219/22/35 Feb 26 high, Feb 28 high, Reversal low Jan 2012
RES 1: $1.5157/63 Lower Mthly Bolli band, Lower wkly Bolli
Latest price: $1.5127
SUP 1: $1.5073/81 Low Feb 25, 27
SUP 2: $1.4986 Low Mar 1
SUP 3: $1.4907 Lower daily Bolli band
SUP 4: $1.4855 61.8% of $1.3503-1.7043
USD/JPY: Slips Below 21-DMA, Tenkan Line Now Initial Supp. The pair slips a bit further, now below the 21-DMA but still above the Tenkan line which forms initial support at Y92.82. Daily studies were suggesting a reversal but have weakened again, weekly studies still firmly bearish. Further supp seen at Y92.55, the Tenkan line. Initial res seen at Y93.73/99, the Mar 4 high and 38.2% Y124.14-75.35, a break above here would encourage bulls to retest initial res, while monthly studies still bullish.
RES 4: Y95.87 3.00% MA envelope
RES 3: Y94.94/99 2.00% upper MA envelope, May 2010 reversal high
RES 2: Y94.46/77 Feb 11 high, Feb 25 high
RES 1: Y93.73/99 High Mar 4, 38.2% of Y124.14-75.35
Latest price: Y93.07
SUP 1: Y92.82 Tenkan line
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: Holds Below Tenkan Line At Y122.05, Daily Studies Waning. The cross fades away from the Tenkan line, still part of our initial res level at Y122.05/17/58, the Tenkan line, high Mar 1 and 23.6% level. Daily studies were suggesting a potential reversal higher, however, 10-day momentum slips lower again and the buy-signal in slow stochastic suggests it will turn lower also, which will be likely if bulls fail to break above initial res. Initial supp now seen at Y12013/19, the highs of Jan 14 and 22.
RES 4: Y124.29 Res line from Feb 6 high
RES 3: Y123.72 21-DMA
RES 2: Y123.22/33/43 Kijun line, Apr 2011 high, Feb 8 low
RES 1: Y122.05/17/58 Tenkan line, High Mar 1, 23.6% Y105.98-127.71
Latest price: Y121.36
SUP 1: Y120.13/16 High Jan 14, 22
SUP 2: Y119.41/81 38.2% of Y105.98-127.71, 55-DMA
SUP 3: Y118.60 Daily Ichimoku cloud top
SUP 4: Y117.06 Low Jan 23
EasyForexNews Research Team