EUR/USD: Studies Bullish and Euro Squeezes Higher. The pair again reaching fresh highs as the pair pushes up to $1.3711. Daily studies remain bullish, although 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.
RES 4: $1.3833/37 61.8% of $1.4940 to $1.2043, Reversal low Jul 2012
RES 3: $1.3785 High 14 Nov 2011
RES 2: $1.3711 High 1 Feb
RES 1: $1.3690 Upper daily Bollinger band
LATEST PRICE: $1.3626
SUP 1: $1.3580 5-day moving average
SUP 2: $1.3487 High Feb 2012
SUP 3: $1.3460 Support line from Jan 10
SUP 4: $1.3340/44 21-DMA, 38.2% of $1.2877-1.3633
GBP/USD: Sinks Amid Soft Weekly Studies. GBP continued to sink amid weakening weekly studies but found support again ahead of the $1.5674 low. Daily studies are attempting some recovery, but initial resistance is from the 5-DMA at $1.5765 with better MA resistance behind there, from $1.5891.
RES 4: $1.6046 100-Day Moving Average
RES 3: $1.6032 55-Day Moving Average
RES 2: $1.5908/51 21-Day Moving Average
RES 1: $1.5879/91 High 1 Feb, 200-DMA
LATEST PRICE: $1.5701
SUP 1: $1.5674/83 Low 28 Jan, 1 Feb
SUP 2: $ 1.5637 Interim low 16 Aug
SUP 3: $ 1.5600 Base of the daily Bollinger band
SUP 4: $1.5529 76.4% Fibonacci level
USD/JPY: New Highs, But Studies Stretched. The cross keeps making new highs while daily studies get stretched into overbought territory. Resistance becomes thin and initial res now seen at the Y92.97 high, while above here is 38.2% of the Y124.14-75.35 move, at Y93.99.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: Y92.97 High 1 Feb
LATEST PRICE: Y92.62
SUP 1: Y91.41 High Jan 30
SUP 2: Y90.50 Tenkan line
SUP 3: Y89.79 21-Day Moving Average
SUP 4: Y89.31 Kijun line
EUR/JPY: New Highs Seen Amid Firm Weekly Studies. EUR/JPY also making fresh highs despite the overbought studies. Resistance is becoming thin and bulls want to target the April 2010 reversal high at Y127.91. Weekly and monthly studies remain bullish, although the dailies push further into overbought territory. Initial support is from the 5-day moving average, at Y124.66.
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: Y126.97 High 1 Feb
LATEST PRICE: Y126.15
SUP 1: Y123.33 Apr 2011 high
SUP 2: Y121.22 Low Jan 29
SUP 3: Y122.01 Tenkan line
SUP 4: Y120.61/71 High Jan 17, 18
EasyForexNews Research Team