Daily Market Technicals

EUR/USD continued to find support in the 1.3779-90 region last week while struggling topside ahead of the key $1.3863 resistance. Bulls continue to look for a close above $1.3863 to end bearish hopes and shift focus higher to the $1.3905-67 region. While $1.3863 caps, bears continue to look for a close below $1.3779 to confirm a break of the 21-DMA and see focus shift to the $1.3673-1.3726 region where the 100-DMA and Fibonacci supports are located.

RES 4: $1.3948 High Mar 17

RES 3: $1.3905 High Apr 11

RES 2: $1.3895 21 day upper Bollinger band

RES 1: $1.3863 High Apr 14

LPRICE: $1.3823

SUP 1: $1.3803 21-DMA

SUP 2: $1.3779 Low Apr 9, 38.2% Fibonacci 1.3479-1.3967

SUP 3: $1.3722 50.0% Fibonacci 1.3479-1.3967

SUP 4: $1.3673 Low Apr 4

Failure to take out the 2014 highs last week combined with overbought daily studies is of some concern for a bullish continuation. In saying that, bears need to see a close below last week’s $1.6762 low to hint at lower levels and a close below the 21-DMA to confirm a shift lower in focus that targets the rising daily channel base coming in around $1.6626 today. Bulls need fresh 2014 highs and a relatively bullish close to kick start bullish momentum

After topping out at Y102.72 last week, dollar-yen started looking heavy courtesy of lower daily highs and lows with immediate focus on the Y101.86 Apr 17 low. Bulls need a close above Y102.72 to confirm a break of the 21-DMA, end bearish aspirations and seeing focus initially shift to the Y102.94-10 region and then the Y104.13 Apr 14 high. While Y102.72 caps, bears look for a break below Y101.86 that targets the key Y100.75-101.32 support region.

Since having failed at the Y142.00 hurdle last week EUR/JPY has started to look heavy and tested the triangle base today. While the Y141.99 level caps, bears will favour a break of the triangle base that initially sees focus shift to the Y139.96-140.02 supports with potential for a sustained move that targets the Y136.23-137.21 region. Bulls need a close above Y141.99 to regain the upper hand and target a break of the triangle top

EUR/GBP continues to hesitate ahead of the Gbp0.8252 resistance level following last week’s bounce from Gbp0.8198. Bulls continue to look for a close above the Gbp0.8252 resistance level to end bearish hopes and see the pair targeting the Gbp0.8289-0.8330 region. Bears need to see a close below the Gbp0.8217 support to shift focus back to the Gbp0.8158-92 region. Daily studies remain in O/S territory and continue to support the bullish case