EUR/USD: Long Upper Shadow Cautions Bulls. The pair struggled higher but ended slightly down on the day, leaving a long upper shadow which adds caution to the upside. Daily studies still hint at a reversal higher while wkly and mthly studies point up, for now. Initial res seen at $1.3487/91, the high Feb 2012 and 50.0% of $1.4940-1.2043. Further res seen at $1.3514/20, the 23.6% of $1.2877-1.3711 and Feb 13 high. Bears will aim to test the 38.2% at $1.3392 as daily studies still bearish.
RES 4: $1.3561 55-month MA
RES 3: $1.3532 200-week MA
RES 2: $1.3514/20 23.6% of $1.2877-1.3711, High Feb 13
RES 1: $1.3487/91 High Feb 2012, 50.0% $1.4940-1.2043
Latest price: $1.3439
SUP 1: $1.3423 5-DMA
SUP 2: $1.3376/92 100-week MA, 38.2% of $1.2877-1.3711
SUP 3: $1.3275/94 21-month MA, 50.0% of $1.2877-1.3711
SUP 4: $1.3220/57/61 Weekly supp line Jul 2012 low, Lower Bolli band, 55-DMA
GBP/USD: Breaks Below Monthly Rising Triangle, Targets $1.4795. The cross sinks lower, below the rising triangle on the monthly chart, the baseline was at $1.5614 and now forms res after the Feb 12 low at $1.5573. If the break below the rising triangle pattern is sustained, the measured move should target $1.4795 in the long-term. Daily studies are beginning to slide further and initial supp seen at $1.5491, the Aug 2 low. Further supp seen at $1.5394 then $1.5360, the Jul low and lower monthly Bolli band, respectively.
RES 4: $1.5720/46/50 23.6% of $1.6381-1.5515, Low Jan 25, 21-DMA
RES 3: $1.5651 Redrawn short-term res line from Jan 2
RES 2: $1.5614/31/37 Monthly Trendline from Jan 2009, Low Feb 5, 5-DMA
RES 1: $1.5573 Low Feb 12
Latest price: $1.5524
SUP 1: $1.5491 Low Aug 2 2012
SUP 2: $1.5394 Low Jul 12
SUP 3: $1.5360 Lower Monthly Bollinger band
SUP 4: $1.5310/32 Former 23.6% $2.1161-1.3503, Weekly supp line Jan 2012 low
USD/JPY: Bears Eye Dec Supp Line At Y92.77, Wkly/Mthly Studies Bullish. USD/JPY managing to hold above the Tenkan line at Y93.22, despite the sharply lower 10-day mom and declining slow stochastic. Wkly studies still bullish and stretched while monthly studies firmly bullish. Initial res remains at Y93.99, the 38.2% of Y124.14-75.35 and further res at Y94.44/46, the 2.00% upper MA envelope and the Feb 11 high. A break above here would help the return to a bullish trend, however bears look to below the Dec 21 supp line at Y92.77.
RES 4: Y95.36 3.00% MA envelope
RES 3: Y94.99 May 2010 reversal high
RES 2: Y94.44/46 2.00% upper MA envelope, Feb 11 high
RES 1: Y93.99 38.2% Fibo of Y124.14 to Y75.35
Latest price: Y93.55
SUP 1: Y92.77 Dec 21 support line
SUP 2: Y91.41/45/71 High Jan 30, 23.6% of Y81.72-94.46, 21-DMA
SUP 3: Y91.13 Kijun line
SUP 4: Y89.22 Monthly Ichimoku cloud base
EUR/JPY: Back Above Tenkan Line Despite Sliding Daily Studies. EUR/JPY moves back above the Tenkan line, which lies at Y125.57, despite the declining daily studies. The pair continues to trade sideways while monthly studies trend higher. Weekly studies are bullish but very stretched and overbought. Initial supp seen at Y125.01, the Feb 12 low. Key support seen at Y123.09/32/33, these being the 38.2% of Y169.96-Y94.12, 21-DMA and Apr 2011 high. Bulls will look to retest the Feb 6 high of Y127.71.
RES 4: Y127.91 Reversal high April 2010
RES 3: Y127.71 High Feb 6
RES 2: Y127.38 2.00% MA envelope
RES 1: Y126.95 High Feb 12
Latest price: Y125.67
SUP 1: Y125.01 Low Feb 12
SUP 2: Y124.50 Low Feb 7
SUP 3: Y123.86 High Jan 30
SUP 4: Y123.09/32/33 38.2% of Y169.96-Y94.12, 21-DMA, Apr 2011 high
EasyForexNews Research Team