EUR/USD: Falls Through Support, 10-Day Momentum Negative Divergence. The pair sinks further to slip below the 55-DMA and 50.0% Fibonacci of $1.2877-1.3711, slow stochastic remains bearish whilst 10-day momentum shows a little negative divergence. Initial support now seen at $1.3219/44, the Jul 2012 daily supp line and lower Bolli band. A break below here could see bears test the 61.8% level also. However, the monthly studies remains bullish and initial res seen as the former 50.0% level at $1.3294.
RES 4: $1.3442 21-day moving average
RES 3: $1.3359/77/92 100-week MA, Feb 1 res line, 38.2% $1.2877-1.3711
RES 2: $1.3349 5-day moving average
RES 1: $1.3294/3306 50.0% of $1.2877-1.3711, Low Feb 15
Latest price: $1.3260
SUP 1: $1.3219/44 Jul 2012 daily supp line, lower daily Bolli band
SUP 2: $1.3196 61.8% of $1.2877-1.3711
SUP 3: $1.3120 100-day moving average
SUP 4: $1.3074 76.4% of $1.2877-1.3711
GBP/USD: Measured Move Still Targets $1.4795. The cross blasts lower and moves back below the lower daily Bolli band, now initial res at $1.5257. The pair has also broken below the former 50.0% of $1.3505-1.7043 at $1.5273, now further res and the lowest cable has been since Jul 20102. Daily studies also slide further and enter oversold territory, as do weekly studies while monthly studies are reversing lower. Initial supp seen as the current low at $1.5132. Further supp seen at $1.5095, the 3.00% MA envelope.
RES 4: $1.5427 23.6% of $1.6381-1.5132
RES 3: $1.5358 5-DMA
RES 2: $1.5273 50.0% of $1.3503-1.7043
RES 1: $1.5257 Lower daily Bolli band
Latest price: $1.5149
SUP 1: $1.5132 Low Feb 21
SUP 2: $1.5095 3.00% lower MA envelope
SUP 3: $1.4940 4.00% lower MA envelope
SUP 4: $1.4837/55 123.6% of $1.6381-1.5132, 61.8% of $1.3503-1.7043
USD/JPY: Holds Below Dec 28 Supp Line, Bears Eye 21-DMA. USD/JPY holds below the Dec 28 supp line despite pushing above yesterday, current price action trades just above the Tenkan line at Y93.35, which forms initial supp. Daily studies remain bearish, although dol-yen has failed to match the declines. Key support seen at Y92.69, the 21-DMA which held up under pressure in January. Weekly studies still bearish but monthly studies remain bullish. Initial res seen at Y93.91/99, the Dec 21 supp line and 38.2%.
RES 4: Y96.19 3.00% MA envelope
RES 3: Y94.99/95.26 May 2010 reversal high, 2.00% upper MA envelope
RES 2: Y94.46 Feb 11 high
RES 1: Y93.91/99 Dec 21 support line, 38.2% of Y124.14 to Y75.35
Latest price: Y93.40
SUP 1: Y93.35 Tenkan line
SUP 2: Y92.69 21-day moving average
SUP 3: Y91.41/45 High Jan 30, 23.6% of Y81.72-94.46
SUP 4: Y91.26 Kijun line
EUR/JPY: Daily/Weekly Studies Bearish, Hourly Channel Base At Y122.47. EUR/JPY within the hourly channel but turns away from the top, now further res at Y125.71. Ahead of here, initial res seen as the Tenkan line at Y124.93. Daily studies slide while the pair slipped below the Dec 10 trendline, now at Y124.24. Initial supp seen at Y123.33/43, the Apr 2011 high and Feb 8 low. Key supp at Y122.36/58, the Kijun line and 23.6% of Y105.98-127.71. Weekly studies slide, bears may target the hourly channel base at Y122.47.
RES 4: Y127.71 High Feb 6
RES 3: Y126.95 High Feb 12
RES 2: Y125.71 Channel on hourly chart
RES 1: Y124.93 Tenkan line
Latest price: Y123.82
SUP 1: Y123.33/43 Apr 2011 high, Feb 8 low
SUP 2: Y123.09 38.2% of Y169.96-Y94.12
SUP 3: Y122.47 hourly channel base
SUP 4: Y122.36/58 Kijun line, 23.6% of Y105.98-127.71
EasyForexNews Research Team