EUR/USD: Dark-Cloud Cover Candle Pattern Confirmed. EUR/USD fell through support after posting a dark cloud cover candle pattern, confirmed yesterday. The pair’s move lower was stopped at the 38.2% Fibonacci of $1.2662 to $1.2837, key initial support at $1.2949. Daily tech studies are firmly bearish and we see further support from the 55-DMA at $1.2916. The weekly chart shows a gravestone-doji, turning the bullish weekly tech studies more neutral.
RES 4: $1.3284 High May 1
RES 3: $1.3172 High Sept 17
RES 2: $1.3137 Upper Bollinger Band
RES 1: $1.3031 5-day moving average
LATEST PRICE: $1.2969
SUP 1: $1.2949 38.2% Fibonacci of $1.2662 to $1.3127
SUP 2: $1.2916 55-day moving average
SUP 3: $1.2890/2894 21-DMA, 50.0% Fibonacci of $1.2662 to $1.3127
SUP 4: $1.2787/2801 200-day moving average, Jul 24 support line
GBP/USD: Bears Eye 38.2% Support Level At $1.6016. The pair again failed to rally above the 61.8% level and also the Dec 4 high and subsequently followed daily tech studies lower. Price action has now moved below the Nov 15 trendline support and also the 23.6% of $1.5829 to $1.6131. Initial support now seen as the 38.2% of $1.5829 to $1.6131 at $1.6016, a level which bears will surely target next.
RES 4: $1.6218 High 5 Oct
RES 3: $1.6175/78/96 High Nov 1, High Oct 17, 76.4% of $1.6309-1.5829
RES 2: $1.6126/31/42 61.8% of $1.6309-1.5829, High Dec 4, Boll band top
RES 1: $1.6079 5-day moving average
LATEST PRICE: $1.6055
SUP 1: $1.6016 38.2% of $1.5829 to $1.6131
SUP 2: $1.5976/78/80 21-DMA, High 22 Nov, 50.0% of $1.5829 to $1.6131
SUP 3: $1.5944/54 61.8% of $1.5829 to $1.6131, 100-DMA, 100-week MA
SUP 4: $1.5900 76.4% of $1.5829 to $1.6131
USD/JPY: Tenkan Line Key Support At Y82.22. The pair remains in the descending triangle, the top still initial resistance now at Y82.68 and the base forms support around Y81.74. Daily tech studies turn neutral and we note a golden-cross of the 55 and 200-DMAs. Initial supp is the Tenkan line at Y82.22, which the pair tested yesterday but failed to break below. The weekly chart shows stretched bullish tech studies.
RES 4: Y83.30 High 2 Apr
RES 3: Y83.14 Resistance line from 6 Apr, 2011
RES 2: Y82.84/85/94 High Nov 22, 38.2% of Y94.99 to Y75.35, High 4 Apr
RES 1: Y82.68 Nov 22 resistance line
LATEST PRICE: Y82.39
SUP 1: Y82.22 Tenkan Line
SUP 2: Y81.74/76/95 Nov 28 supp line, High 20 Nov, 23.6% of Y79.08-82.84
SUP 3: Y81.40/62 38.2% of Y79.08-82.84, 21-day moving average
SUP 4: Y80.96 Kijun Line
EUR/JPY: Bearish Engulfing/Outside Day Follows Momentum Lower. EUR/JPY posts a bearish engulfing candle/bearish outside day as it follows 10-day momentum lower, which had been showing strong
negative divergence. Price action yesterday and today found support from the Tenkan line at Y106.62, still key initial support, with further support seen at Y106.16, the 23.6% Fibonacci of Y100.33 to Y107.96.
RES 4: Y115.47 123.6% of Y111.42 to Y94.28
RES 3: Y115.13 200-week moving average
RES 2: Y111.44 High Mar 21
RES 1: Y107.96/108.00 High Dec 5, High Apr 20
LATEST PRICE: Y106.78
SUP 1: Y106.62 Tenkan Line
SUP 2: Y106.16 23.6% Fibonacci of Y100.33 to Y107.96
SUP 3: Y105.21 21-day moving average
SUP 4: Y105.05 38.2% of Y100.33 to Y107.96
EasyForexNews Research Team