EUR/USD recovery was contained by the Bollinger band, which drops to $1.3813, as well as a band of resistance in the $1.3825/41 area. Bulls are focused on these levels, with initial support from the 5-DMA at $1.3722, although daily studies are weakening, so bears will look to turn attention to moving averages within $1.3636/80.
R 4: $1.4245/57 High Oct 2011, 76.4% retracement of 2011/2012 decline
R 3: $1.3894 High Dec 27
R 2: $1.3841 Monthly resistance line from Jul 2008
R 1: $1.3813/25/29 Bollinger band, High Feb 28, 25 Oct
LP: $1.3733
S 1: $1.3658/80 55, 21-DMA
S 2: $1.3636/43 100-DMA, Low Feb 27
S 3: $1.3594 50.0% retracement of $1.3296-1.3894
S 4: $1.3562 Low Feb 13
GBP/USD bulls pushed through the Fibonaccci retracements of the decline from $1.6823, eventually pulling up short of the 76.4% retracement at $1.6766. Bulls need to push on through the $1.6823 high but have some heavy work to do as the daily slow-stochastic study turns softer and the market slips below initial resistance from the 5-DMA of $1.6683. Bears need to turn attention back towards the Feb 24 low and 21-DMA of $1.6583/90.
R 4: $1.6872/78 Bollinger band, Monthly high of Nov 2009
R 3: $1.6823/26 High Feb 17, 138.2% projection level
R 2: $1.6763/66 High Feb 28, 76.4% retracement level
R 1: $1.6683 5-DMA
LP: $1.6650
S 1: $1.6603/05 Former reversal high Jan 2, Fibonacci level
S 2: $1.6583/90 Low Feb 24, 21-DMA
S 3: $1.6537 50% retracement of February rally
S 4: $1.6516/17 55-DMA, High Jan 10
USD/JPY sees weakening daily studies as the market holds below the Ichimoku cloud base, now at Y102.30 and the 100-DMA of Y101.92, which turn initial resistance along with the Kijun line, Tenkan line and 21-DMA within Y102.01/11. This has bears focused on the early Feb lows to Y100.75.
R 4: Y103.60/65 Ichimoku cloud top, 61.8% level
R 3: Y103.28 55-DMA
R 2: Y103.10 50% of 2014 decline
R 1: Y102.83 High Feb 21
LP: Y101.60
S 1: Y101.20 Low Mar 3
S 2: Y101.07 1% lower band
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 remain weak. The pair is now threatening a sustained break below the Ichimoku cloud base and 21-DMA, which meet at Y139.68, while the Tenkan line of the Ichimoku cloud now forms initial resistance at Y140.02. Bears will want to build on a this break to threaten support in the Y138.76/98 area, while bulls need to regain the Y140.99 Fibonacci level
R 4: Y141.96/142.04 Lows Jan 3, 9
R 3: Y141.56 1% Upper Band
R 2: Y141.05/29 55-DMA, High Feb 21
R 1: Y140.99 61.8% retracement level
LP: Y139.58
S 1: Y138.76/98 Kijun line, 1% lower band, 100-DMA
S 2: Y138.46/67 50.0% Y131.22-145.69, Low 12 Feb
S 3: Y138.11 High Feb 3
S 4: Y136.28 Low Feb 4
