EUR/USD: Breaks Above 1-Month Resistance Line. Euro has broken above the 21-day moving average and also a 1-month resistance line, with break above $1.2876 seen triggering further short-covering. Above here, focus turns to $1.2901/09, where the former is the 50.0% of the decline from $1.3140 to $1.2662. The daily studies are turning higher with 10-day momentum in positive territory.
RES 4: $1.2983 Daily Bollinger band top
RES 3: $1.2917 50.0% of $1.3172-$1.2662
RES 2: $1.2901/09 50.0% of $1.3140-$1.2662, 55-DMA
RES 1: $1.2876 High 7 Nov
LATEST PRICE: $1.28451
SUP 1: $1.2804/24 200-day moving average, 21-day moving average
SUP 2: $1.2730 Low 19 Nov & 61.8% of $1.2662 to $1.2837
SUP 3: $1.2703 76.4% of $1.2662 to $1.2837
SUP 4: $1.2660/62/64 100-DMA, Low 13 Nov, 21-Week moving average
GBP/USD: Break Above 21-DMA To Trigger Further Squeeze. Series of higher highs on daily charts and recovery in daily studies from oversold is encouraging. From here, a break above the 21-day moving average at $1.5978 is seen triggering further squeeze higher to $1.6012 — 38.2% of $1.6309 to $1.5829 move. Above here, focus is on the 55-day moving average at $1.6062.
RES 4: $1.6107/35 Resistance line from 21 Sep, High 2 Nov
RES 3: $1.6043/62 High 7 Nov, 55-day moving average
RES 2: $1.6012 38.2% of $1.6309 to $1.5829
RES 1: $1.5978 21-day moving average
LATEST PRICE: $1.5960
SUP 1: $1.5926 5-day moving average
SUP 2: $1.5829/56 Low 15 Nov, 200-day moving average
SUP 3: $1.5806 55-week moving average
SUP 4: $1.5798/93 Bollinger base, 50.0% of Jun-Sep rally, High Jun 18
USD/JPY: Next Upside Fibonacci Level At Y82.85. The pair is having another attempt at upside break above Y82.52 Fibonacci — 76.4% of Y83.33 to Y77.13 and above here not much resistance until Y82.94, which is the 38.2% of the decline from May 2010 to Oct 2011. Key upside target now is at Y83.16, which is value of long-term resistance line from April 2011.
RES 4: Y83.94 High 16 Mar
RES 3: Y83.30 High 2 Apr
RES 2: Y83.16 Resistance line from 6 Apr, 2011
RES 1: Y82.85/94 38.2% of Y94.99 to Y75.35, High 4 Apr
LATEST PRICE: Y82.55
SUP 1: Y81.46/49 High 15 Nov, 5-day moving average
SUP 2: Y80.68 High 2 Nov
SUP 3: Y80.27/29 21-day moving average, Kijun Line
SUP 4: Y79.79 200-day moving average
EUR/JPY: Bulls Eye Resistance Line From Oct 2009 At Y106.63. Bulls remain in control following break above April resistance line with next focus on Y106.63, which is the value of the long-term resistance line from Oct 2009 and the weekly Ichimoku cloud top. The daily studies remain bullish, albeit overbought.
RES 4: Y108.73 50.0% of Y123.33 to Y94.12
RES 3: Y108.03 High 20 Apr
RES 2: Y107.35 76.4% of Mar-July decline
RES 1: Y106.63/75 Res line from Oct 2009, Weekly Ichimoku cloud top,
LATEST PRICE: Y106.00
SUP 1: Y104.59/89 High 23 Oct, 5-day moving average
SUP 2: Y103.69 Low 20 Nov
SUP 3: Y103.29 Kijun & Tenkan line of Ichimoku cloud
SUP 4: Y102.21/24 200-day & 55-day moving average
EasyForexNews Research Team