EUR/USD: Daily/Monthly Studies Bullish, Above Feb 1 Res Line. The euro slips above the Feb 1 res line, after posting another new monthly low yesterday at $1.2911. Daily studies continueto march higher and initial res now seen at $1.3074/75/80, the 76.4% of $1.2877-1.3711 and the highs of Mar 5 & 6. However, the 21-DMA completes a bear-cross of the 100-DMA, a moderate bearish signal, initial supp seen at $1.2955, the Feb 1 former res line. Bears look to close below here and test the Mar 14 low at $1.2911.
RES 4: $1.3258 55-day moving average
RES 3: $1.3217 38.2% of $1.3711-1.2911
RES 2: $1.3100-50 23.6% $1.37-1.29, 21-DMA, 100-DMA, Lw Feb 22, 38.2% $1.49/1.20
RES 1: $1.3074/75/80 76.4% of $1.2877-1.3711, Mar 5 and 6 highs
Latest price: $1.3020
SUP 1: $1.2995 Res line from Feb 1
SUP 2: $1.2955/65/67 Lows Mar 8, 6 and 1
SUP 3: $1.2911/14/24 Low Mar 14, 55-week MA, Low Mar 13
SUP 4: $1.2853/70/77/83 Lower dly Bolli, 200-DMA, lw Dec 7, 50.0% $1.2043-1.3711
GBP/USD: Potential Weekly Bullish Engulfing Pattern, Studies Rise. The pair breaks higher sending dly studies soaring, however the 100-DMA completes bear-cross of 200-DMA, which adds caution. Despite this, bulls look higher and initial res seen at $1.5119, yesterday’s high, further res at $1.5132/34, Feb 21 low and 21-DMA. The Jan 2 res line lies at $1.5194, forms key res just below the 23.6% of $1.6831-1.4832 at $1.5198. Wkly studies show potential reverse higher and wkly chart could form a bullish engulfing pattern.
RES 4: $1.5219/22/35 Feb 26 high, Feb 28 high, Reversal low Jan 2012
RES 3: $1.5194/98/99 Res line from Jan 2, 23.6% $1.6831-1.4832, High Mar 5
RES 2: $1.5132/34 Low Feb 21, 21-DMA
RES 1: $1.5119 High Mar 14
Latest price: $1.5073
SUP 1: $1.4980 5-day moving average
SUP 2: $1.4866/85 Low Mar 11, 8
SUP 3: $1.4832/55 Low Mar 12, 61.8% of $1.3503-1.7043
SUP 4: $1.4784/95 low Mar 1 2010, Measured move target & Lower dly Bolli
USD/JPY: Hanging Around Y96.00, Negative Divergence In 10-Day Momentum. The cross continues to hold around the Y96.00 level despite the negative divergence seen in the 10-day momentum study. Initial supp seen at Y95.45, the Mar 13 low, a break below here could target the strong supp level seen around Y94.82/99/95.09, the Tenkan line, May 2010 reversal high and Mar 7 high. Weekly studies have been weaker for a while, but languish in overbought levels. Mthly studies are still bullish, initial res at Y96.71, the Mar 12 high.
RES 4: Y98.07/34 4.00% MA envelope, 100-month MA
RES 3: Y97.57/79 Former Dec 21 support line, now res, Aug 2009 reversal high
RES 2: Y97.13 3.00% MA envelope,
RES 1: Y96.71 Mar 12 high
Latest price: Y96.09
SUP 1: Y95.45 Low Mar 13
SUP 2: Y94.82/99/95.09 Tenkan line, May 2010 reversal high, High Mar 7
SUP 3: Y94.46 Feb 11 high
SUP 4: Y93.73/79/99/94.08 High Mar 4, Kijun line, 38.2% of Y124.14-75.35, 21-DMA
EUR/JPY: Negative Divergence On 10-Day Momentum, Monthly Studies Bullish. The pair holds just above the Tenkan line and initial supp level despite the negative divergence seen in 10-day momentum study. Weekly studies also slip, albeit have been fading since early Feb, but monthly studies remain firmly bullish. Initial res seen at Y125.24/40 the reversal high of Feb 2010 and 2.00% MA envelope. Initial supp at Y123.81/86, the Mar 8 low and high Jan 30, further strong supp at Y123.33/34/59, the Apr 2011 high, 21-DMA and Tenkan line
RES 4: Y126.95/127.17 High Feb 12, Measured move target
RES 3: Y126.63 3.00% MA envelope
RES 2: Y125.90/92/126.04 High Feb 20, High Mar 8, 12
RES 1: Y125.24/40 Reversal high Feb 2010, 2.00% MA envelope
Latest price: Y125.12
SUP 1: Y123.81/86 Low Mar 8, High Jan 30
SUP 2: Y123.33/34/59 Apr 2011 high, 21-DMA, Tenkan line
SUP 3: Y122.84/85 Kijun line, Feb 6 res line
SUP 4: Y122.16/17/55/58 Sup ln Fb 25, Hgh Mr 1, Dly Ichi top, 23.6% Y106-127.7
EasyForexNews Research Team