EUR/USD: Heavy Tone Prevails Below 200-DMA. Euro continues to trade with a heavy tone following break and close below the 200-day moving average. In addition, the potential dead-cross of the 5 & 200-day moving average’s also adds to the bearish view. Support is at $1.2736, albeit minor ahead of $1.2680 Fibonacci level — 61.8% of $1.2043-1.3711 move. Resistance is at the 5-day moving average at $1.2857.
RES 4: $1.2992 Redrawn Res line from Feb 1
RES 3: $1.2955/65/67 Lows Mar 8, 6, Low Mar 1, 21-DMA
RES 2: $1.2882/84 Low Mar 18, 200-DMA
RES 1: $1.2857 5-day moving average
Latest price: $1.2802
SUP 1: $1.2736 Low Nov 21
SUP 2: $1.2680 61.8% of $1.2043-1.3711
SUP 3: $1.2662/65 Nov 13 reversal low, 2.00% MA envelope lower
SUP 4: $1.2587 High Aug 23
GBP/USD: Failure To Break Above June 2012 Low Puts Focus Back On Downside. Failure to break above June 1, 2012 low at $1.5270 along with the potential bearish cross in daily stochastic study, leaves risk of resumption of downmove. Support is at $1.5079/96, where the former is the 21-DMA and the latter the 38.2% of $1.4835-$1.5257 move. Break below here favours slide to $1.5027.
RES 4: $1.5342 Jan 2012 supp line weekly chart
RES 3: $1.5321/28 High Feb 22, Reversal low 22 Sept 2011
RES 2: $1.5257/65/70 High Mar 25, Daily Bollinger band top, June 1 2012 low
RES 1: $1.5200 Resistance line from Jan 2
Latest price: $1.5145
SUP 1: $1.5079/96 21-DMA, 38.2% of $1.4835-$1.5257
SUP 2: $1.5027 Low Mar 20
SUP 3: $1.4982/86/87 High Mar 13, Low Mar 1, Lower daily Bolli Band
RES 4: $1.4964/67/82 Lower wkly Bolli band, Mar 7 low, Mar 13 high
USD/JPY: Consolidating Between Tenkan & Kijun Line. Dollar is trading between the Kijun and the Tenkan line of the Ichimoku cloud at Y93.79/Y94.83, respectively. Also, noted is a support line from Jan 23, which is valued at Y93.78 and break below here is seen triggering correction to Mar 18/25 lows at Y93.53/57 ahead of the 55-day moving average at Y92.89. Below here focus turns to the Ichimoku cloud top at Y92.30.
RES 4: Y96.71/79 Mar 12 high, Bollinger band top
RES 3: Y96.11/13 Mar 21 high, Mar 20 high
RES 2: Y94.99 May 2010 reversal high
RES 1: Y94.80/83 21-day moving average, Tenkan line of Ichimoku cloud
Latest price: Y94.13
SUP 1: Y93.78/79 Support line fm Jan 23, Kijun line
SUP 2: Y93.53/57 Mar 18, Mar 25 lows
SUP 3: Y92.89 55-day moving average
SUP 4: Y92.09/30 23.6% of Y77.13-Y96.71, Ichimoku cloud top
EasyForexNews Research Team