EUR/USD: Bulls Pushing Higher Sending Studies Soaring. The pair breaks and closes above the Dec 19 high at $1.3308, now initial supp, and send daily studies sharply higher. Current price action holds below the 100-wk MA around $1.3388, however has already broken above. Initial res now seen at $1.3442, the 100-mth MA and further res seen at $1.3487/91, the Feb 2012 high and 50.0% Of $1.4940 to $1.2043. Weekly and monthly studies are also bullish while bears will look to regain the daily Bolli band.
RES 4: $1.3560 55-month MA
RES 3: $1.3528 200-week moving average
RES 2: $1.3487/91 High Feb 2012, 50.0% of $1.4940 to $1.2043
RES 1: $1.3442 100-month MA
LATEST PRICE: $1.3386
SUP 1: $1.3308 High Dec 19
SUP 2: $1.3230 5-day moving average
SUP 3: $1.3193 21-day moving average
SUP 4: $1.3150 38.2% of $1.4940-1.2043
GBP/USD: Bulls Eye 21-DMA, Bears Eye 55 & 100-DMAs. The cross is stuck in a range as it struggles to claim ground above the 21-DMA, initial res at $1.6160 alongside the former Nov 16 supp line at $1.6163. A break above here will encourage bulls to move up to the former Apr 2011 trendline at $1.6212. However bears are looking to break below MA supp levels, the 5-DMA at $1.6104, followed by supp at $1.6067/68/69/73, these being the Dec 27 low, 55-DMA, 100-DMA and 21-week MA, respectively.
RES 4: $1.6381/6390 High Jan 2, 76.4% of $1.6747 to $1.5235
RES 3: $1.6306 Upper daily Bollinger band
RES 2: $1.6212 Former Apr 2011 Trendline
RES 1: $1.6160/63 21-DMA, Former Support line from Nov 16
LATEST PRICE: $1.6140
SUP 1: $1.6104 5-DMA
SUP 2: $1.6067/68/69/73 Low Dec 27, 55-DMA, 100-DMA, 21-week MA
SUP 3: $1.6040 61.8% of $1.5829 to $1.6381
SUP 4: $1.6016 Lower daily Bollinger band
USD/JPY: Bulls Move Into Monthly Ichimoku Cloud, Studies Stretched. USD/JPY makes another daily high as the pair moves into the monthly Ichimoku cloud. Weekly and monthly tech studies remain bullish, however weekly and daily studies are looking increasingly stretched, cautioning bulls. 10-day momentum fails to make a new high and suggests slight negative divergence. Initial support remains at Y88.41, the Jan 4 high. Below here, the Tenkan line lies at Y88.10, further support.
RES 4: Y98.50 100-month MA
RES 3: Y94.99 May 2010 reversal high
RES 2: Y93.99 38.2% Fibonacci of Y124.14 to Y75.35
RES 1: Y89.88 3.00% MA Envelope
LATEST PRICE: Y89.61
SUP 1: Y88.41 High Jan 4
SUP 2: Y88.10 Tenkan line
SUP 3: Y87.52 Dec 21 support line
SUP 4: Y86.43 21-DMA
EUR/JPY: Bulls Push Into Monthly Cloud, Studies Look Stretched. EUR/JPY moves into the monthly Ichimoku cloud as weekly and monthly tech studies become increasingly stretched. Daily tech studies are in overbought territory and are mildly bullish. Initial resistance now seen at Y121.97, the 138.2% Projection of Y100.33 to Y115.99. Bears will be looking to move back down to the Tenkan line, support at Y116.85, however we see initial support ahead of here at Y117.81, the Jan 2 high.
RES 4: Y132.04/22 50.0% of Y169.96-Y94.12, 100-month MA
RES 3: Y127.91 High April 2010
RES 2: Y123.09/33 38.2% of Y169.96-Y94.12, Apr 2011 reversal high
RES 1: Y121.97 138.2% Projection of Y100.33 to Y115.99
LATEST PRICE: Y119.95
SUP 1: Y117.81 High Jan 2
SUP 2: Y116.85 Tenkan line
SUP 3: Y116.31 Jan 10 Marabuzo mid-point
SUP 4: Y115.99 High Jan 2
EasyForexNews Research Team