EUR/USD: Back Within Bolli Band, Daily & Weekly Studies Slide. The pair holds just above the former 38.2% of $1.4940-1.2043 at $1.3150, which last week’s price action bounce from, and now trades back within the daily Bolli band, the lower forms initial supp at $1.3162. Daily and weekly studies continue to slide in oversold territory, while monthly studies remain bullish. Bears look to break below the Feb 22 low of $1.3145 to test the 100-DMA at $1.3123. Bulls look to break above the former Jul 2012 supp line at $1.3235.
RES 4: $1.3306/29 Low Feb 15, Res line from Feb 1
RES 3: $1.3294/95 50.0% of $1.2877-1.3711, 55-DMA
RES 2: $1.3301 Weekly supp line from Jul 2012 low
RES 1: $1.3235/49 Jul 2012 daily supp line, 5-DMA
Latest price: $1.3191
SUP 1: $1.3162 Lower daily Bolli band
SUP 2: $1.3145/50 Low Feb 22, Former 38.2% of $1.4940/1.2043
SUP 3: $1.3123/24 100-day moving average, 21-week MA
SUP 4: $1.3074 76.4% of $1.2877-1.3711
GBP/USD: Measured Move Still Targets $1.4795, Studies Slide. GBP cancels the possible hammer candle as it sinks further to a new low of $1.5073 while daily and weekly studies slide further. The pair trades below the daily Bolli band again, the lower is initial res at $1.5141 with the 5-DMA above at $1.5241. Supp below here is thin, initial supp seen as the new Feb 25 low at $1.5073, further supp seen as the 3.00% then 4.00% MA envelopes at $1.5027 and $1.4872, respectively. Measured move still targets $1.4795.
RES 4: $1.5514/31 Res line from Jan 2, 76.4% of $1.5269-1.6381
RES 3: $1.5382 23.6% of $1.6381-1.5073
RES 2: $1.5241 5-DMA
RES 1: $1.5141 Lower daily Bolli band
Latest price: $1.5126
SUP 1: $1.5073 Low Feb 25
SUP 2: $1.5027 3.00% lower MA envelope
SUP 3: $1.4872 4.00% lower MA envelope
SUP 4: $1.4855 61.8% of $1.3503-1.7043
USD/JPY: 21-DMA Held As Support, Sends Dol-Yen Gapping Higher. The pair gaps higher to break above the former Dec 21 supp line after bouncing from the key 21-DMA supp. The gap higher could turn daily studies bullish, however bears will be looking to retest the 21-DMA as support at Y92.98. Ahead of here, initial supp seen at Y93.50, the Tenkan line. Bulls will be looking to close above Y94.37, the Dec 21 former supp line to move up to its new high of Y94.77. Above here, res seen at Y94.99, the May 2012 reversal high.
RES 4: Y96.34 3.00% MA envelope
RES 3: Y95.40 2.00% upper MA envelope
RES 2: Y94.99 May 2010 reversal high,
RES 1: Y94.46/77 Feb 11 high, Feb 25 high
Latest price: Y94.25
SUP 1: Y93.50 Tenkan line
SUP 2: Y92.98 21-day moving average
SUP 3: Y91.69 23.6% of Y81.72-94.46
SUP 4: Y91.41 High Jan 30 & Kijun line
EUR/JPY: Hourly Channel Top At Y125.34 Key Initial Res. The cross gaps higher and tests the hourly channel top, but failed to break above. Daily studies remain bearish, however have the potential to reverse higher. Initial res now seen at Y125.34/37, the hourly channel top and hourly high. Further res at Y126.95, the Feb 12 high. However, weekly studies remain bearish and at overbought levels while monthly studies still look bullish. Initial supp seen at Y123.33/43, the Apr 2011 high and Feb 8 low.
RES 4: Y127.91 Reversal high April 2010,
RES 3: Y127.54/71 High Feb 6, 2.00% MA envelope
RES 2: Y126.95 High Feb 12
RES 1: Y125.34/37 Channel on hourly chart, Hourly high
Latest price: Y124.45
SUP 1: Y123.33/43 Apr 2011 high, Feb 8 low
SUP 2: Y122.38/58 Kijun line, 23.6% of Y105.98-127.71
SUP 3: Y122.03 hourly channel base
SUP 4: Y120.61/71 High Jan 17, 18
EasyForexNews Research Team