EUR/USD: Bounces From 200-DMA – Studies Firming. The pair tested supp yesterday as it fell through the 21-DMA and former 23.6% to bounce from just above the 200-DMA before ending higher. Dly studies may be about to reverse higher but remain bearish for now. Initial supp at $1.2996/3002/11, the 21-DMA, Apr 17 low and hourly low. Price action today already tested initial res, at $1.3062/64/96, the hourly high, 55-DMA and the Apr 18 high. A break above could extend gains to the 38.2% level at $1.3115.
RES 4: $1.3200/02/05 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: $1.3062/64/96 Hourly high, 55-DMA, High Apr 18
Latest price: $1.3044
SUP 1: $1.2996/3002/11 21-DMA, Low Apr 17, Hourly low
SUP 2: $1.2965/67/74 Low Mar 6, Low Mar 1, 23.6% of $1.3711 to $1.2746
SUP 3: $1.2945 200-DMA
SUP 4: $1.2893 55-week MA
GBP/USD: Bounces From Support – Studies Turning Higher. The cross inched its way higher, managing to edge above the 21-DMA, now part of initial support at $1.5232/65, the 55 and 21-DMAs. Dly studies are mainly flat, but slow stochastic suggests an upcoming bullish reversal while wkly studies continue to advance higher. Initial res now at $1.5368/73/79, the highs of Apr 19, 17 and 16. Above here, res strong res seen at $1.5407/10/12/24, the upper dly Bolli, highs of Apr 12 and 11 and the 38.2% of $1.6381-1.4832.
RES 4: $1.5557 5-month MA
RES 3: $1.5485 Reversal low 28 Jun 2012
RES 2: $1.5407/10/12/24 Upper dly Bolli, Highs Apr 12, 11, 38.2% $1.6381-1.4832
RES 1: $1.5368/73/79 Highs Apr 19, 17 and 16
Latest price: $1.5314
SUP 1: $1.5232/65 55-DMA, 21-DMA
SUP 2: $1.5198/5204/12 23.6% $1.6381-1.4832, Apr 22 low, Supp line Mar 12 low
SUP 3: $1.5124 Lower daily Bollinger band
SUP 4: $1.5027/34 Low Mar 20, Low Apr 4
USD/JPY: Hanging Around Just Below Y99.95 – Apr 11 High. Dollar formed a doji yesterday, highlighting the indecision between bulls and bears as the pair was left hanging below the key Y99.95 Apr 11 reversal high. Dly studies paint a mixed picture, 10-day momentum has declined sharply while slow stochastic inches higher into overbought levels. Wkly studies slip a little but mthly studies rise into overbought territory. Failure to break initial res may allow bears to test the Apr 4 supp line at Y98.48.
RES 4: Y101.45/72 Reversal high Apr 2009, 3.00% MA envelope top
RES 3: Y100.74 2.00% upper MA envelope
RES 2: Y100.19/29 Monthly Ichimoku cloud top, Feb 11 res line
RES 1: Y99.75/90/95 1.00% upper MA envelope, Apr 22 high, Apr 11 high
Latest price: Y99.29
SUP 1: Y98.48/49 Supp line Apr 4, Low Apr 23
SUP 2: Y98.19/21 38.2% Y135.15-75.35, 23.6% of Y92.57-99.95
SUP 3: Y97.42/63/85 21-DMA, Apr 18 low, Tenkan line
SUP 4: Y97.13 38.2% of Y92.57-99.95
EUR/JPY: Slight Rise Despite Bearish 10-Day Momentum. The pair showed little movement while 10-day mom continued to decline sharply, however dly slow stochastic trends sideways on the cusp of overbought territory. Wkly studies a bit mixed while mthly studies still bullish. Bulls need break above Y131.12, the Apr 11 high, but bears look lower and eye Tenkan line at Y127.82. Continued failure to break higher should encourage bears to test supp. Initial supp at Y128.29, the 23.6% Y119.11-131.12.
RES 4: Y132.82 3.00% MA envelope top
RES 3: Y131.87/132.04 100-month MA, 50.0% of Y169.96-Y94.12
RES 2: Y131.12/53 Apr 11 high, 2.00% MA envelope top
RES 1: Y130.24/70 1.00% MA envelope top, Apr 22 high
Latest price: Y129.58
SUP 1: Y128.29 23.6% of Y119.11 to Y131.12
SUP 2: Y127.82/87/128.06 Tenkan line, Apr 23 low, Apr 19 low
SUP 3: Y126.44/53/64 Low Apr 17, 38.2% of Y119.11 to Y131.12, 21-DMA
SUP 4: Y126.04 High Mar 12
EasyForexNews Research Team