EUR/USD: Potential Weekly Bearish Engulfing, Weekly Studies Bearish. The pair follows daily studies lower to hold just above the 38.2% Fibonacci level of $1.2877-1.3711, at $1.3392 just above the 100-week MA at $1.3376. The wkly chart currently shows a bearish engulfing candle, we wait for the close to confirm, while weekly studies are reversing lower. Monthly studies remain bullish and initial res seen at $1.3427/51/59, the 21-DMA, 100-mth MA and Feb 5 low. Bears likely target a test of the wkly supp line at $1.3179.
RES 4: $1.3558 Support line from Jan 10
RES 3: $1.3514 23.6% of $1.2877-1.3711
RES 2: $1.3485/87 5-DMA, High Feb 2012
RES 1: $1.3427/51/59 21-DMA, 100-month MA, Low Feb 5
Latest price: $1.3407
SUP 1: $1.3376/92 100-week MA, 38.2% of $1.2877-1.3711
SUP 2: $1.3294 50.0% of $1.2877-1.3711
SUP 3: $1.3217/27 Lower daily Bolli band, 55-day moving average
SUP 4: $1.3179/96 Weekly supp line from Jul 2012 low, 61.8% of $1.2877-1.3711
GBP/USD: Selling Pressure Encourages Bears While Studies Slide. GBP leaves a long upper shadow while it trades below the redrawn short-term res line from Jan 2, initial res at $1.5765. Bulls look to break above here and test the 23.6% of $1.6381-1.5631, further res at $1.5808. Daily studies are slightly bullish, however weekly and monthly studies are bearish. Initial supp seen as the 5-DMA at $1.5707, followed by supp at $1.5675/94. Risk will be to the downside if bulls fail to break and close higher again.
RES 4: $1.5860 200-wk MA
RES 3: $1.5838 21-day moving average
RES 2: $1.5808 23.6% of $1.6381-1.5631
RES 1: $1.5746/65 Low Jan 25, Redrawn short-term res line from Jan 2
Latest price: $1.5735
SUP 1: $1.5707 5-day moving average
SUP 2: $1.5675/94 Low Jan 28, 61.8% of $1.5269-1.6381
SUP 3: $1.5614 Monthly Trendline from Jan 2009
SUP 4: $1.5531/63 76.4% of $1.5269-1.6381, Lower daily Bolli band
USD/JPY: Potential Double Evening-Star Pattern. USD/JPY leaves another doji, perhaps forming a double evening star if bears prevail today. 10-day momentum is sharply lower while slow stochastic currently shows a sell-signal, which needs to be confirmed. Current price action holds at the upper 2.00% MA envelope, at Y93.29, initial support seen at Y92.19, the Tenkan line. Bulls will need to break above Y94.06 if they wish to keep control, while bears eye the Dec 21 supp line at Y91.86.
RES 4: Y98.42 100-month MA
RES 3: Y97.79 Aug 2009 reversal high
RES 2: Y94.99 May 2010 reversal high
RES 1: Y93.99/94.06/20 38.2% Fibo of Y124.14-75.35, Feb 6 high, 3.00% MA env
Latest price: Y93.29
SUP 1: Y92.19 Tenkan line
SUP 2: Y91.86 Dec 21 support line
SUP 3: Y91.41 High Jan 30
SUP 4: Y91.15 23.6% of Y81.72-94.06
EUR/JPY: Studies Slide, Tenkan Line Initial Support At Y124.46. EUR/JPY is slowly sliding lower, however met support yesterday at Y124.46, the Tenkan line and our initial support level today. Daily studies are also lower with 10-day momentum sharply lower. Further support seen at Y123.86, the Jan 30 high. Weekly tech studies look like they are reversing lower, we wait for today’s close to confirm. However monthly studies remain bullish and initial res seen at Y125.61, the 2.00% MA envelope. Bulls eye the Feb 6 high at Y127.21.
RES 4: Y127.91 Reversal high April 2010
RES 3: Y127.21 High Feb 6
RES 2: Y126.84 3.00% MA envelope
RES 1: Y125.61 2.00% MA envelope
Latest price: Y125.11
SUP 1: Y124.46 Tenkan line
SUP 2: Y123.86 High Jan 30
SUP 3: Y123.09/33 38.2% of Y169.96-Y94.12, Apr 2011 high
SUP 4: Y122.58 23.6% of Y105.98-127.21
EasyForexNews Research Team