EUR/USD: Bears Aim Below 200-DMA, Bulls Eye Feb Res Line & 21-DMA. The pair leaves a higher low and higher high after breaking below the 200-DMA, now at $1.2878 and key support. Bears look to close below to continue the negative trend, a close below could see a move to $1.2662, the Nov 13 reversal low. Daily studies are neutral while weekly studies slide. Initial supp seen at $1.2911/24, the Mar 14 low & 55-week MA, and the Mar 13 low. Bulls will aim for the redrawn Feb res line and 21-DMA at $1.3026/34, respectively.
RES 4: $1.3129-50 100-DMA, Lw Feb 22, 38.2% $1.371-1.284, 38.2% $1.494/1.204
RES 3: $1.3074/75 76.4% $1.2877-1.3711, Mar 5 high
RES 2: $1.3026/34/49 Redrawn Res line from Feb 1, 21-DMA, 23.6% $1.3711-1.2844
RES 1: $1.2955/59/65/67 Low Mar 8, 5-DMA, Lows Mar 6 and 1
Latest price: $1.2948
SUP 1: $1.2911/24 Low Mar 14 & 55-week MA, Low Mar 13
SUP 2: $1.2877-83 Lower Bolli & Lw Dec 7, 200-DMA, Lw Mar 18, 50.0% $1.204-1.371
SUP 3: $1.2844 Low Mar 19
SUP 4: $1.2741 2.00% MA envelope lower
GBP/USD: Fails Ahead Of $1.5198 – 23.6% Of $1.6831-1.4832. The cross slips above the former Jan 2 res line but left a long-legged doji that failed ahead of the 23.6% of $1.6831-1.4832, at $1.5198. Dly studies continue to rise, but bulls failed to break above the 23.6% level for nearly a week now. Failure again should skew risk down and may see cable continue its bearish trend. Initial supp at $1.5061/77, the Mar 18 low and 21-DMA, further supp at $1.5027, the Mar 20 low and key supp at $1.4990, the lower dly Bolli.
RES 4: $1.5264/73 Upper daily Bolli band, 50.0% of $1.3503-1.7043
RES 3: $1.5219/22/35 Feb 26 high, Feb 28 high, Reversal low Jan 2012
RES 2: $1.5186/98/99 High Mar 20, 23.6% $1.6831-1.4832, High Mar 5
RES 1: $1.5119 High Mar 14
Latest price: $1.5111
SUP 1: $1.5061/77 Low Mar 18, 21-DMA
SUP 2: $1.5027 Low Mar 20
SUP 3: $1.4982/86/90 High Mar 13, Low Mar 1, Lower daily Bolli Band
SUP 4: $1.4832/55 Low Mar 12, 61.8% of $1.3503-1.7043
USD/JPY: Studies Firmer After Rising Above Tenkan Line. USD rises above the Tenkan line despite the bearish dly studies, which we note shows potential to turn higher. Initial res at Y96.11/13, hourly and Mar 20 highs. Above here, key res at Y96.71, the Mar 12 reversal high. A break and close above likely returns the pair to a bullish trend and we may see bulls target 100-month MA at Y98.34. However, 10-day momentum slides and initial supp at Y94.99/95.14, the May 2010 reversal high and Tenkan line.
RES 4: Y97.79/98.01 Aug 2009 reversal high, 3.00% upper MA envelope
RES 3: Y97.06 2.00% upper MA envelope
RES 2: Y96.71 Mar 12 high
RES 1: Y96.11/13 Hourly high, Mar 20 high
Latest price: Y95.79
SUP 1: Y94.99/95.14 May 2010 reversal high, Tenkan line
SUP 2: Y94.40/67 21-DMA, 23.6% of Y88.06-96.71
SUP 3: Y93.73/79/99 High Mar 4, Kijun line, 38.2% of Y124.14-75.35
SUP 4: Y93.41 38.2% of Y88.06-96.71
EUR/JPY: Bounces From 55-DMA To Close Above Cloud & Tenkan Line. The pair closes above the dly Ichimoku top and Tenkan line despite bearish studies. Now we wait to see if bulls manage to hold above while bears will likely test these levels as key initial supp, at Y123.41/60, the cloud top and Tenkan line. Further supp seen at Y123.03/09, the 21-DMA and 38.2% of Y169.96-Y94.12. Mthly studies bullish and if the pair holds above supp we could see a move up to initial res, at Y124.13/39/54, Mar 19 high and lows Mar 12, 11.
RES 4: Y126.95 High Feb 12
RES 3: Y125.90/92/126.04/17 High Feb 20, High Mar 8, 12, 2.00% MA envelope
RES 2: Y125.24 Reversal high Feb 2010
RES 1: Y124.13/39/54 High Mar 19, Low Mar 12, 11
Latest price: Y123.80
SUP 1: Y123.41/60 Daily Ichimoku cloud top, Tenkan line
SUP 2: Y123.03/09 21-DMA, 38.2% of Y169.96-Y94.12,
SUP 3: Y122.23/39/58 55-DMA, Kijun line, 23.6% Y105.98-127.71
SUP 4: Y121.15/22/36 Low Mar 18, Low Jan 29, High Feb 26
EasyForexNews Research Team