EUR/USD: Following Daily Studies Lower – Support At $1.3002. The pair declines after again failing to close above the 38.2% of $1.3711-1.2743 at $1.3115. Initial resistance now seen at $1.3080/96, the 55-DMA and Apr 18 high, bulls may attempt to test this level, however daily studies continue to slide and 10-day momentum confirms a sell-signal. Initial support now seen at $1.3015/21/22, the lows of Apr 22, 18 and 15, a break below here could threaten $1.3002, the Apr 17 low and 5-week MA.
RES 4: $1.3200/02/12 Apr 17 high, Apr 16 high, Daily Bollinger top
RES 3: $1.3150/56 Former 38.2% $1.4940-1.2043, 100-DMA
RES 2: $1.3115/17 38.2% of $1.3711-1.2743, Apr 22 high
RES 1: $1.3080/96 55-DMA, High Apr 18
Latest price: $1.3036
SUP 1: $1.3015/21/22 Lows Apr 22, Apr 18, Apr 15
SUP 2: $1.3002 Low Apr 17 & 5-week MA
SUP 3: $1.2965/67/74/78 Low Mar 6, Low Mar 1, 23.6% of $1.3711-1.2746, 21-DMA
SUP 4: $1.2938 200-DMA
GBP/USD: Key Support Around $1.5188 to $1.5204. The cross in a bit of a range while daily studies slide, price action nears the Mar 12 support line and yesterday met support from the former 23.6% of $1.6381-1.4832, all part of key further support around $1.5188/98/5204, these being the Mar 12 supp line, 23.6% and Apr 22 low. Ahead of here, initial support at $1.5247/52, the 55 and 21-DMAs. However, wkly studies are bullish and initial res at $1.5298, the hourly high. Above here res seen as more daily highs.
RES 4: $1.5485 Reversal low 28 Jun 2012
RES 3: $1.5409/10/12/24 Upper dly Bolli, Highs Apr 12, 11, 38.2% $1.6381-1.4832
RES 2: $1.5368/73/79 Highs Apr 19, 17 and 16
RES 1: $1.5298 Hourly high
Latest price: $1.5260
SUP 1: $1.5247/52 55-DMA, 21-DMA
SUP 2: $1.5188/98/5204 Supp line from Mar 12, 23.6% $1.6381-1.4832, Apr 22 low
SUP 3: $1.5096 Lower daily Bollinger band
SUP 4: $1.5027/34 Low Mar 20, Low Apr 4
USD/JPY: Failed At Y99.95 – Bears Turn Lower. Dollar may have left a double-top after rising to a high of Y99.90 yesterday where bulls failed to break above the Apr 11 high of Y99.95. 10-day momentum is sharply lower showing massive negative divergence and crosses below the key zero-line, a bearish signal. Initial support now at Y98.19/21, the 38.2% Y135.15-75.35 and 23.6% of Y92.57-99.95. Key support seen at Y97.63/71/88 the Apr 18 low, a support line from Apr 4 and the Tenkan line.
RES 4: Y101.45/62 Reversal high Apr 2009, Upper dly Bolli band
RES 3: Y101.03 3.00% MA envelope top
RES 2: Y100.19 Monthly Ichimoku cloud top,
RES 1: Y99.95/96/100.05 Apr 11 high, Feb 11 res line, 2.00% upper MA envelope
Latest price: Y98.80
SUP 1: Y98.19/21 38.2% Y135.15-75.35, 23.6% of Y92.57-99.95
SUP 2: Y97.63/71/88 Apr 18 low, Support line from Apr 4, Tenkan line
SUP 3: Y96.92/97.13 21-DMA, 38.2% of Y92.57-99.95
SUP 4: Y96.26 Kijun line & 50.0% of Y92.57-99.95
EUR/JPY: Fades After Failure To Reach Apr 11 High. The pair declines after failing to reach the recent Apr 11 high at Y131.12, sending 10-day momentum sharply lower to cross below the key zero-line, a bearish indicator. Current price action finds supp around Y128.54/55, the hourly low and a support line from Apr 4. Further supp at Y128.29, the 23.6% and below here supp at Y128.03/06, the dly Tenkan and Apr 19 low. Mthly studies are bullish, initial res at Y130.47/70, the 2% MA env top and hourly high.
RES 4: Y133.03 4.00% MA envelope top
RES 3: Y131.75/87/132.04 3.00% MA env top, 100-month MA, 50.0% Y169.96-Y94.12
RES 2: Y131.12 Apr 11 high
RES 1: Y130.47/70 2.00% MA envelope top, Hourly high
Latest price: Y128.83
SUP 1: Y128.54/55 Hourly low, Apr 4 support line
SUP 2: Y128.29 23.6% of Y119.11 to Y131.12
SUP 3: Y128.03/06 Tenkan line, Apr 19 low
SUP 4: Y126.44/53 Low Apr 17, 38.2% of Y119.11 to Y131.12
EasyForexNews Research Team