EUR/USD: Studies Bullish As Eur-Dol Squeezes Higher. The pair again reaching fresh highs as the pair pushes up to $1.3633 today and continues to test this resistance level. Daily studies remain bullish, again we note slow stochastic in overbought territory. Weekly and monthly studies are also bullish, the medium-term target seen at $1.4294, which is a monthly resistance line from Jul 2008. Ahead of here, res seen at $1.3633, the hourly high, followed by $1.3656, the upper daily Bolli band.
RES 4: $1.3833/37 61.8% of $1.4940 to $1.2043, Reversal low Jul 2012
RES 3: $1.3690 High Sep 28 2011
RES 2: $1.3656 Upper daily Bollinger band
RES 1: $1.3633 Hourly high
LATEST PRICE: $1.3623
SUP 1: $1.3544 5-day moving average
SUP 2: $1.3455/87 23.6% of $1.2877-1.3633, High Feb 2012
SUP 3: $1.3434 Support line from Jan 10
SUP 4: $1.3340/44 21-DMA, 38.2% of $1.2877-1.3633
GBP/USD: Holds Above 23.6% Level But Monthly Studies Slipping. GBP now holding above the 23.6% of $1.6381-1.5675, initial supp. Daily studies are firmly bullish and bulls now eye the 55-wk MA and 200-DMA at $1.5885/95, respectively. However, weekly studies are bearish and monthly studies are turning bearish. Initial supp seen at $1.5842, the 23.6% level, with further supp seen at $1.5829 and $1.5798, the 15 Nov low and 5-DMA. A L-T supp line is seen at $1.5614, but bulls will be targeting $1.6433, a L-T res line.
RES 4: $1.6040/50/53 55-DMA, 21-week MA, 100-DMA
RES 3: $1.6028 50.0% of $1.6381-1.5675
RES 2: $1.5937/42/51 21-DMA & 38.2% of $1.6381-1.5675, 100-week MA
RES 1: $1.5885/95 55-week MA, 200-DMA
LATEST PRICE: $1.5876
SUP 1: $1.5842/55 23.6% of $1.6381-1.5675, 200-wk MA
SUP 2: $1.5829 Low 15 Nov
SUP 3: $1.5798 5-day moving average
SUP 4: $1.5746 S-T Jan 2 res line
USD/JPY: Continues To Make New Highs, Studies Stretched. USD/JPY keeps making new highs while daily studies are mixed and weekly studies continue to push higher, further into overbought territory. Resistance becomes thin and initial res now seen at Y92.80, the 3.00% MA envelope. Above here is the 38.2% of Y124.14-75.35, res at Y93.99. A break above here would further encourage bulls, however studies suggest a slight correction may be around the corner. Initial supp now at Y91.41, the Jan 30 high
RES 4: Y97.79 Aug 2009 reversal high
RES 3: Y94.99 May 2010 reversal high
RES 2: Y93.99 38.2% Fibonacci of Y124.14 to Y75.35
RES 1: Y92.80 3.00% MA Envelope
LATEST PRICE: Y92.22
SUP 1: Y91.41 High Jan 30
SUP 2: Y90.71 Dec 21 support line
SUP 3: Y90.16 Tenkan line
SUP 4: Y89.53 21-DMA
EUR/JPY: Weekly & Monthly Studies Push EUR/JPY To Another New High. The pair also making fresh highs despite the overbought studies. Resistance is becoming thin and we see bulls targeting the April 2010 reversal high at Y127.91. Ahead of here we see res from the hourly high at Y125.72. Weekly and monthly studies are also bullish and the 50.0% of Y169.96-94.12 is res at Y132.04 alongside the 100-month MA at Y132.17. Support seen from the former 38.2% at Y123.09, with the 2.00% MA env and Apr 2011 high at Y123.25/33.
RES 4: Y137.70 Monthly Ichimoku cloud top
RES 3: Y132.04/17 50.0% of Y169.96-Y94.12, 100-month MA
RES 2: Y127.91 Reversal high April 2010
RES 1: Y125.72 Hourly high
LATEST PRICE: Y125.55
SUP 1: Y123.09/25/33 38.2% of Y169.96-Y94.12, 2.00% MA env, Apr 2011 high
SUP 2: Y121.06/22/39 23.6% of Y105.98-125.72, Low Jan 29, Tenkan line
SUP 3: Y120.61/71 High Jan 17, 18
SUP 4: Y119.42/45/46/51 Dec 10 sup line, 21-DMA, Kijun, Monthly cloud base
EasyForexNews Research Team