EUR/USD spiked higher and above the Bollinger band of $1.3847, which along with weaker hourly studies suggests room for a pause. However, the move helps establish the rising trend from February and has bulls looking at the December high of $1.3894. The recent Feb highs of $1.3825/1.3722 may now offer some initial support along with the 5-DMA of $1.3786, although main support starts from the channel base and 21-DMA of $1.3714/19.
R 4: $1.4245/57 High Oct 2011, 76.4% retracement of 2011/2012 decline
R 3: $1.3906 Top of rising Feb/Mar channel
R 2: $1.3894 High Dec 27
R 1: $1.3873 High Mar 6
LP: $1.3856
S 1: $1.3714/19 Channel base, 21-DMA
S 2: $1.3640/43/65 100-DMA, Low Feb 27, 55-DMA
S 3: $1.3594 50.0% retracement of $1.3296-1.3894
S 4: $1.3562 Low Feb 13
GBP/USD bulls extended the highs to $1.6777 on Thursday and now need hold above the 5-DMA of $1.6705 to push on through the $1.6823 high. Daily studies support a firmer tone, although bears look to turn attention back towards the $1.6648 21-DMA and the Feb 24 low at $1.6583.
R 4: $1.6878 Monthly high of Nov 2009
R 3: $1.6840 Bollinger band
R 2: $1.6823/26 High Feb 17, 138.2% projection level
R 1: $1.6777 High Mar 6
LP: $1.6730
S 1: $1.6603/05 Former reversal high Jan 2, Fibonacci level
S 2: $1.6583 Low Feb 24
S 3: $1.6535/37 55-DMA, 50% retracement of February rally
S 4: $1.6517 High Jan 10
USD/JPY is now finding support from the base of the Ichimoku cloud at Y102.52 with support behind there from the Tenkan line and 21-DMA of Y102.18/28. The daily studies are fairly neutral, although bulls have taken out a 50% retracement level at Y103.10, turning attention to the cloud top at Y103.47.
R 4: Y103.88 Low Jan 20
R 3: Y103.65 61.8% retracement of 2014 decline
R 2: Y103.47 Ichimoku cloud top
R 1: Y103.17/21 High Mar 6, 55-DMA
LP: Y103.00
S 1: Y102.40/52 5-DMA, Ichimoku cloud base
S 2: Y102.18/28 Tenkan line, 21-DMA
S 3: Y101.98/102.06 Kijun line, 100-DMA
S 4: Y101.20 1% lower band, Low Mar 3
EUR/JPY built on the recovery in the daily studies and spiked through the Ichimoku cloud top of Y141.56, which should now offer support, to test the top of a rising channel in place since the start of February. Bulls now look for highs from late Dec and early Jan with a 76.4% Fibonacci level at Y143.44
R 4: Y145.68 High Dec 27
R 3: Y143.52 2% Upper band
R 2: Y143.44 76.4% retracement of 2014 decline
R 1: Y143.19 High Jan 8
LP: Y142.70
S 1: Y141.56 Top of the Ichimoku cloud
S 2: Y141.18/29 5-DMA, High Feb 21
S 3: Y141.04 55-DMA
S 4: Y140.84 Tenkan line of the Ichimoku cloud
