EUR/USD sees the daily hourly studies turn lower as bears push through the support line and below the 5-DMA, which turns initial resistance at $1.3720. They now turn attention to moving averages at $1.3630/47/58. Further 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 help negate the weaker tone.
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: $1.3686
S 1: $1.3658/62 55-DMA, Low Feb 26
S 2: $1.3630/47 100, 21-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 and now threatening a break of the zero line
R 4: $1.6878 Monthly high of Nov 2009
R 3: $1.6860 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: $1.6662
S 1: $1.6603/05 Former reversal high Jan 2, Fibonacci level
S 2: $1.6583 Low Feb 24
S 3: $1.6537/50 50% of February rally, 21-DMA
S 4: $1.6517 High Jan 10
USD/JPY holds above the Tenkan line & 21-DMA at Y102.12/17 with the daily studies mixed. Bears have the opportunity to push below the Ichimoku cloud for the first time since November as this level today rises to Y102.18. The pair traded below the cloud at the start of February but failed a close below there. 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: Y102.34
S 1: Y101.53/83 Reversal high Jul 8 & 50.0% Y97.62-105.44, 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 complete a bear-cross from a recent recovering stance. The pair holds under Fibonacci resistance at Y140.99 and the Y141.20 55-DMA, while bears try and turn attention to the Tenkan line of the Ichimoku cloud, which forms initial support at Y140.11 ahead of the Kijun line and 21-DMA at Y139.34/43.
R 4: Y142.33 Ichimoku Cloud top
R 3: Y141.96/142.04 Lows Jan 3, 9
R 2: Y141.20/29/70 55-DMA, High Feb 21, 1% Upper Band
R 1: Y140.99 61.8% retracement level
LP: Y140.10
S 1: Y139.34/43 Kijun line, 21-DMA
S 2: Y138.75/92, 100-DMA, Ichimoku cloud base
S 3: Y138.46/67 50.0% Y131.22-145.69, Low 12 Feb
S 4: Y138.11 High Feb 3
