EUR/USD: Daily Studies Bearish But Monthly Studies Bullish. The pair is testing the 21-DMA as res, it forms initial res with other MAs at $1.3416 to $1.3459 and includes the 5-DMA, 21-DMA, 5-week MA, 100-month MA and the Feb 5 low. Initial supp at $1.3275/94, the 21-month MA and 50.0% level. Daily studies remain bearish, however monthly studies remain bullish and a break above initial res would return the pair to its current bullish run, with a target at $1.4262, a Jul 2008 res line.
RES 4: $1.3532 200-week MA
RES 3: $1.3514 23.6% of $1.2877-1.3711
RES 2: $1.3487 High Feb 2012
RES 1: $1.3416/27/33/51/59 5-DMA, 21-DMA, 5-week MA, 100-month MA, Low Feb 5
Latest price: $1.3387
SUP 1: $1.3275/94 21-month MA, 50.0% of $1.2877-1.3711
SUP 2: $1.3220/43 Lower Bolli band & Weekly supp line from Jul 2012 low, 55-DMA
SUP 3: $1.3196 61.8% of $1.2877-1.3711
SUP 4: $1.3165 Jul 2012 daily supp line
GBP/USD: Sent Lower By 21-DMA, Bears Eye Feb 5 Low. GBP moves back below the redrawn short-term res line after failing to break above the 21-DMA, now key res at $1.5798. Ahead of here, initial res seen at $1.5696, the 5-DMA. Daily studies are neutral and initial supp seen at $1.5631, the low of Feb 5 and lowest since Aug 2012. Weekly studies are bearish and monthly studies have just turned bearish, a break of initial supp could see a move to $1.5614, the monthly trendline from Jan 2009, a key supp level.
RES 4: $1.5798/5808/13 21-DMA, 23.6% of $1.6381-1.5631, 38.2% of $1.6747-1.5235
RES 3: $1.5746 Low Jan 25
RES 2: $1.5719 Redrawn short-term res line from Jan 2
RES 1: $1.5696 5-day moving average
Latest price: $1.5645
SUP 1: $1.5631 Low Feb 5
SUP 2: $1.5614 Monthly Trendline from Jan 2009
SUP 3: $1.5531/67 76.4% of $1.5269-1.6381, Lower daily Bolli band
SUP 4: $1.5491 Low Aug 2 2012
USD/JPY: Rebounds From Tenkan Line Despite Evening Star Pattern. The cross makes a new high but consolidates a little to just below the 38.2% of Y124.14 to Y75.35 at Y93.99. Daily studies lend little direction, while slow stochastic is in overbought territory. Bears will aim to retest the Tenkan line at Y92.60, however monthly studies remain bullish and bulls are likely to aim to rebreak the Feb 11 high at Y94.46 and eye the May 2010 reversal high at Y94.99. Weekly studies suggest they are switching back to bullish.
RES 4: Y98.42 100-month MA
RES 3: Y97.79 Aug 2009 reversal high
RES 2: Y94.84/99 3.00% MA envelope, May 2010 reversal high
RES 1: Y94.46 Feb 11 high
Latest price: Y93.97
SUP 1: Y93.93 2.00% MA envelope
SUP 2: Y92.60 Tenkan line
SUP 3: Y92.31 Dec 21 support line
SUP 4: Y91.41 High Jan 30
EUR/JPY: Back Above Tenkan Line, Monthly Studies Still Bullish. The pair has returned to ground above the Tenkan line, which now forms initial supp at Y125.35. Daily studies are pointing lower, however are not firmly bearish despite slow stochastic being at overbought levels. Further supp seen at Y124.50, the Feb 7 low. The weekly chart’s dark cloud cover pattern has not been confirmed yet and the weekly studies suggest a return to being bullish despite the sell-signal in slow stochastic. Monthly studies remain bullish.
RES 4: Y132.04/17 50.0% of Y169.96-Y94.12, 100-month MA
RES 3: Y127.91 Reversal high April 2010
RES 2: Y127.71/77 High Feb 6, 3.00% MA envelope
RES 1: Y126.53 2.00% MA envelope
Latest price: Y125.70
SUP 1: Y125.35 Tenkan line
SUP 2: Y124.50 Low Feb 7
SUP 3: Y123.43 Feb 8 low
SUP 4: Y123.09/33 38.2% of Y169.96-Y94.12, Apr 2011 high
EasyForexNews Research Team