EUR/USD: Pushed Higher, Bears Eye S-T Jan 10 Supp Line At $1.3385. The pair pushes a little higher and also leaves a substantial lower shadow yesterday, showing bulls aren’t giving up. Initial res now seen at $1.3497, the Jan 29 high, just above the high of Feb 2012 and 50.0% of $1.4940-1.2043, at $1.3487/91, respectively. Daily studies remain stretched, but 10-day momentum flat after showing negative divergence. Initial supp seen at $1.3455, the 5-DMA. Bears may try to test the Jan 10 supp line at $1.3385.
RES 4: $1.3833 61.8% of $1.4940 to $1.2043
RES 3: $1.3561/69 55-month MA, Upper daily Bollinger band
RES 2: $1.3529 200-week MA
RES 1: $1.3487/91/97 High Feb 2012, 50.0% of $1.4940 to $1.2043, High Jan 29
LATEST PRICE: $1.3486
SUP 1: $1.3455 5-day moving average
SUP 2: $1.3404 High Jan 14
SUP 3: $1.3378/85 100-week MA, Short support line from Jan 10
SUP 4: $1.3351 23.6% of $1.2877-1.3497
GBP/USD: Potential Bullish Piercing Pattern, Studies Firm. GBP recovers some lost ground to leave a potential bullish piercing candle pattern, which in turn have sent daily studies higher. Daily stochastic shows a buy-signal, momentum bounces from an 8-month low while RSI dipped into oversold territory, a bullish signal. The Jan 28 low at $1.5675 should cap to the downside, initial res seen at $1.5802/04, the Jan 23 low and S-T res line from Jan 2, bulls look to break above here to confirm the reversal.
RES 4: $1.5945/49 38.2% of $1.6381-1.5675, 100-week MA
RES 3: $1.5882/99 55-week MA, 200-DMA
RES 2: $1.5842/55 23.6% of $1.6381-1.5675, 200-wk MA
RES 1: $1.5802/04 Low Jan 23, S-T Jan 2 res line
LATEST PRICE: $1.5744
SUP 1: $1.5649/75 Lower daily Bolli band, Low Jan 28
SUP 2: $1.5531/71 76.4% of $1.5269-1.6381, Monthly Trendline from Jan 2009
SUP 3: $1.5491 Low Aug 2 2012
SUP 4: $1.5372 Lower Monthly Bollinger band
USD/JPY: Caught Between Jan 28 High & Dec 21 Support Line. USD/JPY still hanging around just under the Jan 28 high at Y91.26, which remains as key initial res. A break above here could see a move up to Y93.99, which is the 38.2% Fibonacci of Y124.14 to Y75.35. 10-day momentum has spiked higher and dol-yen is seen as bullish while it remains above the Dec 21 support line, key initial supp at Y90.26. Bears will likely try and test this as supp but bulls will aim higher, despite the overbought slow stochastic study.
RES 4: Y94.99 May 2010 reversal high
RES 3: Y93.99 38.2% Fibonacci of Y124.14 to Y75.35
RES 2: Y92.37 3.00% MA Envelope
RES 1: Y91.26/48 High Jan 28, 2.00% MA envelope
LATEST PRICE: Y90.94
SUP 1: Y90.26 Dec 21 support line
SUP 2: Y89.66 Tenkan line
SUP 3: Y89.00/08/09 23.6% of Y81.69-91.26, 21-DMA, Low Jan 14
SUP 4: Y88.01 Kijun line
EUR/JPY: Weekly Studies Stretched But Bulls Eye Jan 28 High. EUR/JPY leaves a long lower shadow yesterday, while the pair pushes back up towards the Jan 28 high at Y122.91, also initial resistance. Daily studies remain bullish despite being near overbought levels and further res seen at Y123.09/33 the 38.2% of Y169.96-Y94.12 and the Apr 2011 reversal high. Weekly studies are stretched and potentially could turn lower, bears require to close below the Dec 21 support line at Y118.73 to turn eur-yen bearish.
RES 4: Y132.04/24 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: Y122.91 High Jan 28
LATEST PRICE: Y122.61
SUP 1: Y121.22 Low Jan 29
SUP 2: Y120.61/71 High Jan 17, 18
SUP 3: Y119.99 Tenkan line
SUP 4: Y118.73/91 Dec 10 support line, 23.6% of Y105.98-122.91
EasyForexNews Research Team