EUR/USD: Holds Above Mar Lows, Mixed Studies, Wait For Breakout. The pair continues to be squeezed between the Feb 1 res line, initial res at $1.3043, and the lows of Mar 8, 6 & 1, initial supp at $1.2955/65/67. Dly studies mixed, slow stochastic slowly rises from oversold levels while 10-day mom rebounded lower from the zero-line, albeit still bullishly trends. Mthly studies bullish and key res seen around the 100-DMA at $1.3128. Wkly studies also mixed, bears look to break below the Mar lows.
RES 4: $1.3244 38.2% of $1.3711-1.2955
RES 3: $1.3128-52 100-DMA, 23.6% $1.37-1.296, 38.2% $1.49/1.20, 21-DMA
RES 2: $1.3075/80 Mar 5 and 6 highs
RES 1: $1.3043 Res line from Feb 1
Latest price: $1.3038
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: $1.2857/66 Lower Bolli band, 200-DMA
GBP/USD: Long Lower Shadows Last Two Sessions, Weekly Studies Turn Higher. The cross now pushing a little higher after two sessions with longer lower shadows, however daily studies still trend sideways. Weekly studies suggest a potential reversal but monthly studies remain bearish. Initial supp now seen at $1.4866/85, the lows of Mar 11 and 8. Further supp at $1.4832/55, the Mar 12 low and 61.8% level. Bulls may recover some losses and squeeze higher, initial res seen at $1.4964/67, the lower wkly Bolli band and Mar 7 low.
RES 4: $1.5176/98/99 21-DMA, 23.6% $1.6831-1.4832, High Mar 5
RES 3: $1.5104 Lower Mthly Bolli band
RES 2: $1.5073/81 Low Feb 25, 27
RES 1: $1.4964/67 Lower wkly Bolli band, Mar 7 low
Latest price: $1.4940
SUP 1: $1.4866/85 Low Mar 11, 8
SUP 2: $1.4832/55 Low Mar 12, 61.8% of $1.3503-1.7043
SUP 3: $1.4774/84/95 Lower dly Bolli, low Mar 2010, Measured move target
SUP 4: $1.4616 3.00% lower MA envelope
USD/JPY: Bulls Turn Away From Dec 21 Former Supp Line – Now At Y97.11. The pair turned away from the former Dec 21 supp line to consolidate some gains, seen at Y97.11. Dly studies also weakened and may herald a reversal, however the long-term trend still looks bullish for now. Despite this, wkly studies remain slightly bearish. Initial supp seen at Y94.99/95.09, the May 2010 reversal high and Mar 7 high. A break below here may target the Tenkan line at Y94.57, followed by the 21-DMA and Kijun line at Y93.78/79
RES 4: Y98.34 100-month MA
RES 3: Y97.65/79 4.00% MA envelope, Aug 2009 reversal high
RES 2: Y97.11 Former Dec 21 support line, now res
RES 1: Y96.71 3.00% MA envelope & Mar 12 high
Latest price: Y95.73
SUP 1: Y94.99/95.09 May 2010 reversal high, High Mar 7
SUP 2: Y94.46/57/77 Feb 11 high, Tenkan line, Feb 25 high
SUP 3: Y93.73/78/79/99 High Mar 4, 21-DMA, Kijun line, 38.2% of Y124.14-75.35
SUP 4: Y93.73 High Mar 4
EUR/JPY: Stalls Above Pennant Pattern, Monthly Studies Remain Bullish. EUR/JPY stalls just above the pennant pattern, while daily studies weaken slightly and show potential to turn lower. Initial supp seen at Y124.39/54, the lows of Mar 12 & 11. Strong supp seen around Y123.20-34, the Tenkan ln, Pennant pattern top, Kijun ln, Apr 2011 high and the 21-DMA. Break below here would skew risk lower, however, mthly studies remain bullish.
RES 4: Y127.60/71/91 4.00% MA envelope top, High Feb 6, Reversal high April 2010
RES 3: Y126.95/127.17 High Feb 12, Measured move target
RES 2: Y126.37 3.00% MA envelope
RES 1: Y125.90/92/126.04 High Feb 20, High Mar 8, 12
Latest price: Y124.85
SUP 1: Y124.39/54 Low Mar 12, 11
SUP 2: Y123.81/86 Low Mar 8, High Jan 30
SUP 3: Y123.20/21/22/33/34 Tenkan line, Feb 6 res line, Kijun line, Apr 2011 high, 21-DMA
SUP 4: Y122.17/58 High Mar 1, 23.6% Y105.98-127.71
EasyForexNews Research Team