EUR/USD sees continuing risks of the daily and hourly studies turning lower, although recent price action is forming a triangle pattern, which favours a break higher. Resistance is now in the $1.3811/29 region from a number of daily highs, with the daily Bollinger band top also in that range at $1.3825. Bulls need to push on to the $1.3894 Dec 27 reversal high to negate this risk
R 4: $1.3894 High Dec 27
R 3: $1.3874 Monthly resistance line from Jul 2008
R 2: $1.3825/29 Bollinger band, High 25 Oct
R 1: $1.3811/18 Highs Dec 11 & Dec 18, Dec 30/31
LP: $1.3740
S 1: $1.3649/60 21, 55-DMA
S 2: $1.3629 100-DMA
S 3: $1.3594 50.0% of $1.3296-1.3893
S 4: $1.3562 Low Feb 13
GBP/USD bulls are focused on a 50% retracement of the decline from $1.6823, coming in at $1.6703 and the 61.8% at 1.6731 although the studies are weakening, so bears are focused on Fibonacci retracements of the February advance at $1.6605 and $1.6537. The daily slow-stochastic study recently completed a bear-cross, while 10-day momentum is also weakening.
R 4: $1.6878 Monthly high of Nov 2009
R 3: $1.6850 Bollinger band top
R 2: $1.6823/26 High Feb 17, 138.2% projection level
R 1: $1.6703 50% of pullback from $1.6823
LP: $1.6680
S 1: $1.6603/05 Former reversal high Jan 2, Fibonacci level
S 2: $1.6583 Low Feb 24
S 3: $1.6537/45 50% of February rally, 21-DMA
S 4: $1.6517 High Jan 10
USD/JPY recovers the Tenkan line & 21-DMA at Y102.12/16 with the daily studies mixed. Bears face support from the Ichimoku cloud base at Y101.72, while near-term resistance is Y102.74/81 from recent highs and the Kijun line
R 4: Y103.98 Ichimoku cloud top
R 3: Y103.37/65 55-DMA, 61.8% level
R 2: Y103.10 50% of 2014 decline
R 1: Y102.74/81 High 18 Feb, Daily Kijun line
LP: Y102.29
S 1: Y101.53/57/78 Reversal high Jul 8 & 50.0% level, Cloud base, 100-DMA
S 2: Y101.38 Low 17 Feb
S 3: Y100.61/75 High Sept 11 & 61.8% Y97.62-105.44, Early Feb lows
S 4: Y100.20 200-day moving average
EUR/JPY sees the daily slow-stochastic study risking a bear-cross from a recent recovering stance. The pair holds under Fibonacci resistance at Y140.99 and the Y141.25 55-DMA, while bears try and turn attention to the Tenkan line of the Ichimoku cloud, which forms initial support at Y140.08
R 4: Y142.36 Ichimoku Cloud top
R 3: Y141.96/142.04 Lows Jan 3, 9
R 2: Y141.25/29/71 55-DMA, High Feb 21, 1% Upper Band
R 1: Y140.99 61.8% retracement level
LP: Y140.55
S 1: Y139.34/43 Kijun line, 21-DMA
S 2: Y138.67/72 Low 12 Feb, 100-DMA
S 3: Y138.46 Ichimoku cloud base, 50.0% Y131.22-145.69
S 4: Y138.11 High Feb 3
