EUR/USD: Makes New March Low, Studies Weaker, 21 & 100-DMA Bear Cross. The pair failed to move above the Feb 1 res line and broke below the Mar lows which has also weakened dly studies, skewing risk to the downside. Initial supp seen at $1.2914/24, the 55-wk MA and Mar 13 low, further supp at $1.26868/77/83, the 200-DMA, Dec 7 reversal low and 50.0% $1.2043-1.3711. Bulls look to move above the 5-DMA and Feb 1 res line, at $1.2999/3019, respectively. However, the 21-DMA is about to bearishly cross the 100-DMA, cautioning bulls.
RES 4: $1.3110-50 23.6% $1.37-1.29, 21-DMA, 100-DMA, Lw Feb 22, 38.2% $1.49/1.20
RES 3: $1.3075/80 Mar 5 and 6 highs
RES 2: $1.3019 Res line from Feb 1
RES 1: $1.2999 5-day moving average
Latest price: $1.2949
SUP 1: $1.2914/24 55-week MA, Low Mar 13
SUP 2: $1.2868/77/83 200-DMA, Reversal low Dec 7, 50.0% $1.2043-1.3711
SUP 3: $1.2843 Lower daily Bolli ban
SUP 4: $1.2736 Low Nov 21
GBP/USD: Daily Studies Trend Sideways, 100 & 200-DMA Bear Cross. The cross leaves long upper shadow yesterday, the high forms part of initial res seen at $1.4964/67/82, the lower wkly Bolli band, Mar 7 low and Mar 13 high. Dly studies moving sideways at oversold levels, however the 100-DMA is crossing below the 200-DMA which follows the 55-DMA crossing below the 200-DMA two weeks ago, skewing risk further down. Initial supp seen as Mar 11 & 8 lows at $1.4866/85, break below here may complete the measured move to $1.4795.
RES 4: $1.5147/98/99 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: $1.4964/67/82 Lower wkly Bolli band, Mar 7 low, Mar 13 high
Latest price: $1.4938
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: $1.4766/84/95 Lower dly Bolli, Low Mar 2010, Measured move target
SUP 4: $1.4594 3.00% lower MA envelope
USD/JPY: Fades From Mar 8 High, Daily Studies Slip. The pair continues to slip lower from the Mar 12 high at Y96.71 just below the 3.00% MA env top at Y96.94. The pair also holds below the former Dec 21 supp line, now res at Y97.34, which dol-yen tested earlier this month. Dly studies also weakening and show the potential to reverse lower, initial supp seen at Y94.82/99/95.09, the Tenkan line, May 2010 reversal high and Mar 7 high. Bears will look to test this level while bulls try to hold above.
RES 4: Y98.34 100-month MA
RES 3: Y97.79/88 Aug 2009 reversal high, 4.00% MA envelope
RES 2: Y97.34 Former Dec 21 support line, now res
RES 1: Y96.71/94 Mar 12 high, 3.00% MA envelope
Latest price: Y95.97
SUP 1: Y94.82/99/95.09 Tenkan line, May 2010 reversal high, High Mar 7
SUP 2: Y94.46 Feb 11 high
SUP 3: Y93.73/79/92/99 High Mar 4, Kijun line, 21-DMA, 38.2% of Y124.14-75.35
SUP 4: Y93.73 High Mar 4
EUR/JPY: Daily Studies Weaker, Holds Above Key Supp Around Y123.03-123.58. EUR/JPY continues to slip lower causing daily studies to weaken and suggest a potential upcoming reversal. The pair holds above strong support levels, key supp seen around Y123.03 to Y123.58, consisting of the Feb 6 res line, Kijun line, 21-DMA, Apr 2011 high and Tenkan line. Ahead of here, supp seen at Y123.81/86, the Mar 8 low and Jan 30 high. Bears will aim to break and close below but we may see bulls hang-on above as mthly studies remain bullish.
RES 4: Y126.95/127.17 High Feb 12, Measured move target
RES 3: Y126.45 3.00% MA envelope
RES 2: Y125.90/92/126.04 High Feb 20, High Mar 8, 12
RES 1: Y125.23/24 2.00% MA envelope, Reversal high Feb 2010
Latest price: Y124.32
SUP 1: Y123.81/86 Low Mar 8, High Jan 30
SUP 2: Y123.03/10/26/33/58 Feb 6 res ln, Kijun, 21-DMA, Apr 2011 high, Tenkan
SUP 3: Y122.17/55/58 High Mar 1, Daily Ichimoku cloud top, 23.6% Y105.98-127.71
SUP 4: Y121.91 Support line from Feb 25
EasyForexNews Research Team