EUR/USD: Bulls Eye Dec 5 High, Bears Aim Below 38.2% Level. The pair recovered some of its recent losses, but met resistance at $1.3017, the former 23.6% Fibonacci of $1.2662 to $1.3127 and initial resistance. Daily studies remain bearish but suggest they’re turning higher. Weekly slow stochastics study shows a buy signal. Initial supp seen at $1.2949, the 38.2% level. A close below here will open up the downside for bears. Bulls look to regain the Dec 5 high.
RES 4: $1.3172 High Sept 17
RES 3: $1.3127/3131 Reversal High Dec 5, Upper Bollinger Band
RES 2: $1.3102 May 1 trendline
RES 1: $1.3017 former 23.6% Fibonacci of $1.2662 to $1.3127
LATEST PRICE: $1.3002
SUP 1: $1.2949 38.2% Fibonacci of $1.2662 to $1.3127
SUP 2: $1.2920/2927 55-day moving average, 21-day moving average
SUP 3: $1.2880 Low 28 Nov
SUP 4: $1.2840 61.8% Fibonacci of $1.2662 to $1.3127
GBP/USD: Bulls Looking To Break Above $1.6131, The Dec 4 High. Cable daily tech studies are a bit mixed, slow stochastics shows a buy-signal while 10-day momentum and 14-day RSI are a little flat. Weekly studies are turning bullish. Bulls are looking to break the recent highs and close above $1.6131, the Dec 4 high and move up to the daily Bollinger band top, further res around $1.6172. The downside will be opened up by a break below $1.6060 then $1.6016.
RES 4: $1.6240 Apr 2011 res line
RES 3: $1.6218 High 5 Oct
RES 2: $1.6172-96 Boll top, High Nov 1 & Oct 17, 76.4% of $1.6309-1.5829
RES 1: $1.6126/31 61.8% of $1.6309-1.5829, High Dec 4
LATEST PRICE: $1.6112
SUP 1: $1.6060 23.6% of $1.5829 to $1.6131
SUP 2: $1.6035 55-day moving averages
SUP 3: $1.6007/6016 21-day moving average, 38.2% of $1.5829 to $1.6131
SUP 4: $1.5978/80 High 22 Nov, 50.0% of $1.5829 to $1.6131
USD/JPY: Daily Studies Turn Higher, Breaks Nov 22 Res Line. The cross breaks above the Nov 22 resistance line, bulls now eye the recent highs at Y82.83/84, the Dec 7 high and Nov 22 high, respectively. Studies are turning higher and a close above initial resistance will encourage bulls. Downside risk remains and initial support seen at Y82.06/28, the 21-DMA and Tenkan line. The descending triangle has been broken, we await confirmation of a break higher.
RES 4: Y83.94 High 16 Mar
RES 3: Y83.30 High 2 Apr
RES 2: Y83.11 Resistance line from 6 Apr, 2011
RES 1: Y82.84/85/94 High Nov 22, 38.2% of Y94.99 to Y75.35, High 4 Apr
LATEST PRICE: Y82.66
SUP 1: Y82.06/28 21-DMA, Tenkan Line
SUP 2: Y81.77-95 Nov 28 sup line, Hgh 20 Nov, 23.6% Y79.08-82.84
SUP 3: Y81.40 38.2% of Y79.08-82.84
SUP 4: Y80.96 Kijun Line
EUR/JPY: Bulls Take Control And Aim To Break Dec 4 High. EUR/JPY breaks above the Tenkan line, now initial support at Y106.97, also breaks above the weekly Ichimoku cloud top and 100-week MA at Y106.69. Bulls now look to test the Dec 5 reversal high, initial resistance at Y107.96, alongside the Apr 20 high at Y108.00. A break above here will turn the pair bullish, bears will look to sell at this
level and send Euro-yen down to the 23.6% retracement level.
RES 4: Y115.06 200-week moving average
RES 3: Y111.44 High Mar 21
RES 2: Y108.73 50.0% Fibonacci of Y123.33 to Y94.12
RES 1: Y107.96/108.00 High Dec 5, High Apr 20
LATEST PRICE: Y107.44
SUP 1: Y106.97 Tenkan line
SUP 2: Y106.08/16 21-DMA, 23.6% Fibonacci of Y100.33 to Y107.96
SUP 3: Y105.05 38.2% of Y100.33 to Y107.96
SUP 4: Y104.15 Kijun Line, 50.0% of Y100.33 to Y107.96
EasyForexNews Research Team