EUR/USD: Holds Above $1.2965, Slight Positive Divergence On 10-Day Mom. The pair manages to hold just above key initial support, seen around $1.2965/67, the lows of Mar 6 and 1, respectively. Bears attempted to break lower yesterday to follow stretched daily studies lower, however, 10-day momentum now showing a little positive divergence. If bears fail to break below initial supp again, we expect bulls to takeover to test initial res, seen as the 5-DMA at $1.3102. Further res at $1.3075/80, the highs of Mar 5 and 6.
RES 4: $1.3141/45/50 23.6% $1.3711-1.2965, Low Feb 22, 38.2% $1.4940/1.2043
RES 3: $1.3126/38 100-DMA, Res line from Feb 1
RES 2: $1.3075/80 Mar 5 and 6 highs
RES 1: $1.3012 5-day moving average
Latest price: $1.2992
SUP 1: $1.2965/67 Lows Mar 6 and 1
SUP 2: $1.2922 55-week MA
SUP 3: $1.2877/83 Reversal low Dec 7, 50.0% $1.2043-1.3711, Lower Bolli band
SUP 4: $1.2855 200-DMA
GBP/USD: Bears Break Below Mar 1 Low, 10-Day Momentum Rises. The cross tests ground below former initial supp as it breaks below but holds above. Daily studies were showing signs of recovery, but some flat-lining now. Initial supp seen as the hourly low at $1.4967 and below here is 61.8% of $1.3503-1.7043 at $1.4855. We still note the measured move target at $1.4795, now with the Mar 2010 reversal low at $1.4784. However, 10-day momentum moves higher and initial res seen at $1.5061/73/81, the 5-DMA and lows Feb 25, 27.
RES 4: $1.5219/22/35 Feb 26 high, Feb 28 high, Reversal low Jan 2012
RES 3: $1.5199 High Mar 5
RES 2: $1.5157/63 Lower Mthly Bolli band, Lower wkly Bolli
RES 1: $1.5061/73/81 5-DMA, Low Feb 25, 27
Latest price: $1.5006
SUP 1: $1.4967 Hourly low
SUP 2: $1.4855 61.8% of $1.3503-1.7043
SUP 3: $1.4834 Lower daily Bolli band
SUP 4: $1.4784/95 Reversal low Mar 1 2010, Measured move target
USD/JPY: Daily Studies Remain Bullish, Breaks Above Mar 4 High. USD/JPY breaks above initial res to hit a high of Y94.12, above the Mar 4 high of Y93.73, which now forms initial supp. Dly and mthly studies are also bullish and bulls should turn eyes higher to the new initial res level at Y94.46/77, the highs of Feb 11 and 25. Further res seen at Y94.99/95.07, the May 2010 reversal high and 2.00% MA envelope. However, wkly studies remain bearish and at overbought levels, further supp seen as 21-DMA at Y93.26.
RES 4: Y97.79 Aug 2009 reversal high
RES 3: Y96.00 3.00% MA envelope
RES 2: Y94.99/95.07 May 2010 reversal high, 2.00% upper MA envelope
RES 1: Y94.46/77 Feb 11 high, Feb 25 high
Latest price: Y93.91
SUP 1: Y93.73 High Mar 4
SUP 2: Y93.26 21-day moving average
SUP 3: Y92.76/82 Kijun line, Tenkan line
SUP 4: Y91.69 23.6% of Y81.72-94.77
EUR/JPY: Holds In Pennant Pattern Below Mar 1 High & 23.6%. The pair continues to range sideways but has left a series of higher lows despite not much movement to the upside. Daily studies also point higher and the pair has just slipped above the daily Tenkan line, seen at Y122.05, but holds below the Mar 1 high and 23.6% level at Y122.17/58. Break above here would encourage bulls to test further res but weekly studies continue to look bearish in overbought levels. Initial supp seen at Y120.69, the Feb 25 supp line.
RES 4: Y124.95/125.01/24 2.00% MA envelope, Low Feb 12, Reversal high Feb 2010
RES 3: Y123.93 Res line from Feb 6 high
RES 2: Y123.22/28/33/43 Kijun line, 21-DMA, Apr 2011 high, Feb 8 low
RES 1: Y122.17/58 High Mar 1, 23.6% Y105.98-127.71
Latest price: Y122.06
SUP 1: Y120.69 Support line from Feb 25
SUP 2: Y120.13/16/19 High Jan 14, 22, 55-DMA
SUP 3: Y119.82 Daily Ichimoku cloud top
SUP 4: Y119.41 38.2% of Y105.98-127.71
EasyForexNews Research Team