EUR/USD: M/T Outlook Bearish Whilst Below 200-DMA. Impressive recovery off $1.2771 but whilst below the 200-day moving average at $1.2887 and also a 2-month resistance line at $1.2955, the medium-term outlook remains bearish. The daily stochastic study continues to point lower and remains in sell mode. Support is at $1.2551/71 and break below here favours move to 1-month support line at $1.2719.
RES 4: $1.3047 High Mar 25
RES 3: $1.2965/67/78 Low Mar 6, Low Mar 1, 23.6% of $1.3711 to $1.2751
RES 2: $1.2948/55 21-day moving average, Resistance line from Feb 1
RES 1: $1.2887/90 200-DMA, High Mar 26
Latest price: $1.2846
SUP 1: $1.2751/71 Recovery low Mar 27, Low Apr 1
SUP 2: $1.2719 Support line from 1 Mar
SUP 3: $1.2662/80 Nov 13 reversal low, 61.8% of $1.2043-1.3711
SUP 4: $1.2611 2.00% MA envelope lower
GBP/USD: Focus Remains On June 1, 2012 Low At $1.5269. Focus is on June 1, 2012 low at $1.5269 and decisive break above here is seen extending upside recovery. Resistance above here is at 1.5321/28/33 area, where former is the high on Feb 22 and latter the lows seen on 22/23 Sept 2011. The daily stochatic remains bearishly crossed and still unconvinced, but 10-day momentum study is ticking higher. Support is at $1.5178/82.
RES 4: $1.5408/24 55-DMA, 38.2% $1.6381-$1.4832
RES 3: $1.5342 Jan 2012 supp line weekly chart
RES 2: $1.5321/28/33 High Feb 22, Low 22/23 Sept 2011
RES 1: $1.5257/69 High Mar 25, June 1 2012 low
Latest price: $1.5234
SUP 1: $1.5178/82 Low Mar 29, 5-DMA
SUP 2: $1.5092/96 21-DMA, 38.2% of $1.4835-$1.5257
SUP 3: $1.5027 Low Mar 20
SUP 4: $1.4982/86/87 Lower daily Bolli Band, High Mar 13, Low Mar 1
USD/JPY: Break below the Kijun line at Y93.79 puts bears back in control and close below here favours slide to continue towards the Ichimoku cloud top at Y92.12. Initial support is at Y93.00/05/14 area, which is the 55-day moving average and projected channel base from Mar 14 high
RES 4: Y95.46 Channel top from Mar 14
RES 3: Y94.85/91 21-day moving average, High Mar 21
RES 2: Y94.65 Tenkan line of Ichimoku cloud
RES 1: Y93.79/87/88 Kijun line, Lows Mar 26/28
Latest price: Y93.27
SUP 1: Y93.00/05/14 Low 6 Mar, 55-DMA, Channel base from Mar 14 high
SUP 2: Y92.44 Low 1 Mar
SUP 3: Y92.09/12 23.6% of Y77.13-96.71, Ichimoku cloud top
SUP 4: Y91.41 High Jan 30
EasyForexNews Research Team