EUR/USD: Failed At 23.6%, Bears Eye Below March Lows. The pair failed at the 23.6% level to decline strongly and retested the March lows as supp. Daily studies still suggest a chance of a reversal, however the bullish engulfing pattern is negated. The pair trades around $1.3000, bears eye the new low of $1.2955 as initial supp, a break below here could continue the bearish trend. Further supp seen at $1.2914, the 55-wk MA. Bulls look above the Feb 1 res line at $1.3090 to try for a reversal.
RES 4: $1.3188 21-day moving average
RES 3: $1.3127-50 100-DMA, 23.6% $1.371-1.296, Low Feb 22, 38.2% $1.494/1.204
RES 2: $1.3075/80/90 Mar 5 and 6 highs, Res line from Feb 1
RES 1: $1.3026 5-day moving average
Latest price: $1.3000
SUP 1: $1.2955/65/67 Lows Mar 8, 6 and 1
SUP 2: $1.2914 55-week MA
SUP 3: $1.2877/83 Reversal low Dec 7, 50.0% $1.2043-1.3711
SUP 4: $1.2858/61 Lower Bolli band, 200-DMA
GBP/USD: Nearly Completes Measured Move To $1.4795. The cross leaves another lower high and lower low despite the firmer daily studies, which are either flat or sliding. Cable nearly completes our measured move to $1.4795, forecast when the pair broke the rising triangle pattern on the monthly chart. Initial supp now at $1.4855, the Mar 8 low. Further key supp around $1.4784/94/95, the Mar 1 2010 reversal low, lower dly Bolli and measured move. Initial res $1.4964/67, lower wkly Bolli and Mar 7 low.
RES 4: $1.5104 Lower Mthly Bolli band
RES 3: $1.5073/81 Low Feb 25, 27
RES 2: $1.5001 5-day moving average
RES 1: $1.4964/67 Lower wkly Bolli band, Mar 7 low
Latest price: $1.4921
SUP 1: $1.4885 Low Mar 8
SUP 2: $1.4855 61.8% of $1.3503-1.7043
SUP 3: $1.4784/94/95 Rvrsl low Mar 2010, Lower dly Bolli, Measured move target
SUP 4: $1.4669 3.00% lower MA envelope
USD/JPY: Bulls Tested Former Dec 21 Supp Line As Res, Now At Y96.65. The pair makes further gains and rises to test the former Dec 21 support line as resistance, now seen at Y96.65. Ahead of here, initial res seen at Y96.38, the 3.00% upper MA envelope. Daily studies remain sharply bullish but are re-entering overbought levels. Weekly studies are still weak, but monthly studies remain bullish. The 100-month MA lies at Y98.34, a level which bulls may be aiming for. Initial support now seen at Y95.45, the 2.00% upper MA envelope.
RES 4: Y97.79 Aug 2009 reversal high
RES 3: Y97.32 4.00% MA envelope
RES 2: Y96.55/65 High Mar 8, Former Dec 21 support line, now resistance
RES 1: Y96.38 3.00% MA envelope
Latest price: Y96.13
SUP 1: Y95.45 2.00% upper MA envelope
SUP 2: Y94.99/95.09 May 2010 reversal high, High Mar 7
SUP 3: Y94.46/77 Feb 11 high, Feb 25 high
SUP 4: Y93.73/99 High Mar 4, 38.2% of Y124.14-75.35
EUR/JPY: Breakout Of Pennant Pattern Still Targets Move To Y127.17. EUR/JPY retested the former Feb 6 res line as supp, also the top of our pennant pattern, the breakout to the upside targets a measured move to Y127.17, just below the Feb 6 high of Y127.71. Dly studies remain sharply bullish and wkly slow stochastic shows signs of strengthening. Mthly studies remain bullish, initial res seen at Y125.24, the Feb 2010 high. Further res at Y125.90/92 highs of Feb 20 & Mar 8. Initial supp at Y123.86, the Jan 30 high.
RES 4: Y126.95/127.17 High Feb 12, Measured move target
RES 3: Y126.32 3.00% MA envelope
RES 2: Y125.90/92 High Feb 20, High Mar 8
RES 1: Y125.24 Reversal high Feb 2010
Latest price: Y124.93
SUP 1: Y123.86 High Jan 30
SUP 2: Y123.22/33/41/43/57 Kijun, Apr 2011 high, 21-DMA, Feb 8 lw, Feb 6 res ln
SUP 3: Y122.17/57/58 High Mar 1, Tenkan line, 23.6% Y105.98-127.71
SUP 4: Y121.22/36 Low Jan 29, High Feb 26
EasyForexNews Research Team