Daily Market Technicals

EUR/USD dipped below the 21-DMA Tuesday before finding support ahead of the Apr 9 low. The pullback has eased the bullish pressure that dominated last week but bears still need a close below the $1.3779 level to confirm a break lower and shift overall focus back to the $1.3673 Apr 4 low. Initial resistance remains at $1.3834 but bulls need a close back above Monday’s $1.3863 high to reconfirm bullish pressure and target $1.3948-67.

RES 4: $1.3948 High Mar 17

RES 3: $1.3905 High Apr 11

RES 2: $1.3863 High Apr 14

RES 1: $1.3833 Hourly resistance Apr 15

LPRICE: $1.3817

SUP 1: $1.3793 21-DMA

SUP 2: $1.3779 Low Apr 9

SUP 3: $1.3750 High Apr 7 now support

SUP 4: $1.3722 50.0% Fibonacci 1.3479-1.3967

The pullback from just short of 2014 highs remains a concern for bulls especially when combined with daily studies looking to correct from O/B levels. The brief dip below the previous $1.6684 support lacked follow through but a close above $1.6749 remains needed to ease the renewed bearish pressure and see bulls targeting a retest of the 2014 highs. A close below Tuesday’s low is now needed to confirm a deeper correction targeting the $1.6556-82 region

After having remained capped at Y102.00 the past two days the USD/JPY has broken higher with the Y102.00 level now seen as initial support. Bulls still need a close above Y102.47 to provide some breathing space. This would see immediate focus shift to the Y103.10 Apr 8 high and overall focus to the Y104.13 Apr 4 high. Bears now need a close below Y102.00 to ease bullish pressure and below Y101.80 to shift focus back to the key Y100.75-100.35 region

EUR/JPY found support ahead of the Y139.96-140.02 region, bouncing off the rising daily trend line on Tuesday. This bounce has seen the pair head back towards the 21-DMA with a close above needed to give bulls some breathing room. Overall the Y141.96 level remains key resistance with bulls looking for a close above to shift focus back to the Y143.45-78 region. Bears now need a close back below Y140.93 to reconfirm bearish pressure

Layers of resistance remain in the Gbp0.8292-36 region including key moving averages, previous daily highs/lows and Fibonacci retracement levels of the Mar-Apr move. It is also worth noting that despite spikes above the 55-DMA the pair has failed to close above. Daily studies are correcting from O/S which are supportive of further attempts higher but bulls need a close above the 55-DMA to build a platform and target the Gbp0.8292-0.8336 region.