EUR/USD: Closes Above 23.6% But Failed To Break Above $1.3047. Bulls closed above the 23.6% of $1.3711 to $1.2743, sending daily studies higher. Weekly studies also show signs of strengthening and weekly chart shows potential bullish engulfing candle, focus on price action this week to confirm. Key initial res level at $1.3040/47, highs Apr 5 and Mar 25. Failure to break above here again could send momentum tumbling. Support seen at $1.2917/21, the 5 and 21-DMAs, below here supp at $1.2897, the 200-DMA.
RES 4: $1.3143/62 100-DMA, 55-DMA
RES 3: $1.3112 38.2% of $1.3711 to $1.2743
RES 2: $1.3062/74/75 Dly Bollinger band top, 76.4% of $1.2877-1.3711, Mar 5 high
RES 1: $1.3040/47 Highs Apr 5, Mar 25
Latest price: $1.2989
SUP 1: $1.2917/21 5-DMA, 21-DMA
SUP 2: $1.2897 200-DMA
SUP 3: $1.2746/53 Low 4 Apr, Daily Bollinger band base
SUP 4: $1.2655/80 Support line from 1 Mar, 61.8% of $1.2043 to $1.3711
GBP/USD: Challenged Daily Bolli Top At $1.5363, Wkly Studies Rise. The pair made further gains to challenge the daily Bollinger band top, which remains our initial resistance at $1.5363, also the high of Apr 5. Weekly and daily studies are bullish and bulls look to break above $1.5346, a former rising supp line from Jan 2012 on weekly chart. Monthly studies remain slightly bearish, however we may see bulls return to the base of the former ascending triangle to retest the baseline at $1.5700.
RES 4: $1.5531 76.4% of $1.5269-1.6381
RES 3: $1.5485 Reversal low 28 Jun 2012
RES 2: $1.5424 38.2% of $1.6381-1.4832
RES 1: $1.5363 High Apr 5, Upper daily Bolli band
Latest price: $1.5327
SUP 1: $1.5227 5-day moving average
SUP 2: $1.5198 23.6% of $1.6381-1.4832
SUP 3: $1.5027/34 Low Mar 20, Low Apr 4
SUP 4: $1.4999 61.8% of $1.4832-$1.5269
USD/JPY: Meets Resistance At Y98.85 – Feb 11 Res Line. The cross follows the sharply higher daily studies to rise up to the Feb 11 resistance line, seen at Y98.85, also the hourly high. Resistance above here is a bit thin, but next resistance at Y99.74, the 50.0% of Y124.14 to Y75.35. Further res at Y100.19, the Monthly Ichimoku cloud top. Daily studies continue to rise but continued failure at the Feb 11 res line could see a slight correction. Initial support at Y98.19/28.
RES 4: Y101.45 Reversal high Apr 2009
RES 3: Y100.19 Monthly Ichimoku cloud top
RES 2: Y99.74 50.0% Fibonacci of Y124.14 to Y75.35
RES 1: Y98.85 Resistance line from Feb 11
Latest price: Y98.58
SUP 1: Y98.19/28 38.2% of Y135.15 to Y75.35, 100-month MA
SUP 2: Y97.79 Aug 2009 high
SUP 3: Y96.30 23.6% of Y88.06-Y98.85
SUP 4: Y95.71 50.0% of Y92.57-Y98.85
EUR/JPY: Trades Just Below 200-Month MA At Y128.62. EUR rallies further while daily studies continue to move sharply higher. The pair breaks above the former Fibonacci level and Feb 6 high to trade just below the 200-month high at Y128.62, a key resistance level. Weekly studies are mixed but monthly studies remain bullish, initial res at Y127.84, the hourly high. Strong support seen at Y123.78, the Kijun and Tenkan lines, outlook remains constructive while the pair remains above here.
RES 4: Y132.04 50.0% of Y169.96-Y94.12
RES 3: Y131.85 100-month MA
RES 2: Y128.62 200-month MA
RES 1: Y127.84 Hourly high
Latest price: Y127.83
SUP 1: Y126.24 23.6% of Y119.11 to Y128.44
SUP 2: Y124.72/88 Former Feb 6 resistance line, 38.2% of Y119.12 to Y128.44
SUP 3: Y123.78 Kijun and Tenkan lines, 50.0% of Y119.12 to Y128.44
SUP 4: Y122.77 Ichimoku cloud top
EasyForexNews Research Team