EUR/USD: Bears Move Eur-Dol Back Below 100-DMA. The pair gets forced lower, below the key 100-DMA but holds above $1.3018. Daily studies now mixed, 10-day mom shows slight negative divergence, but slow stochastic still slides and no longer shows a buy-signal. Range-trading may be next, however, key initial supp is the Feb 26 low and the 100-DMA is key initial res at $1.3129. Wkly studies are bearish and a trend lower may continue, especially if the pair stays below the Feb 1 res line at $1.3234.
RES 4: $1.3234/66 Res line from Feb 1, Jul 2012 daily supp line
RES 3: $1.3182/96 23.6% of $1.3711-1.3018, Former 61.8% of $1.2877-1.3711
RES 2: $1.3145/50 Low Feb 22, Former 38.2% $1.4940/1.2043
RES 1: $1.3129 100-day moving average
Latest price: $1.3082
SUP 1: $1.3018/22 Low Feb 26
SUP 2: $1.2979/98 Lower daily Bolli band, Low Jan 4
SUP 3: $1.2925 55-week MA
SUP 4: $1.2877 Reversal low Dec 7, 50.0% of $1.2043-1.3711
GBP/USD: Failed At Initial Res, Daily Studies Still Rise. The cross failed to break above the Jan 2012 reversal low and left a high at $1.5222. Bulls may try and test this level again as daily studies appear to be turning higher. A break above initial res could see test further res at $1.5321, the Feb 22 high and lower wkly Bolli band. However, failure to break initial res may return a bearish trend while wkly and mthly studies slide. Also, break of the rising triangle on mthly chart targets measured move to $1.4795.
RES 4: $1.5423/52/69 Res line from Jan 2, 21-DMA 5-week MA
RES 3: $1.5382 23.6% of $1.6381-1.5073
RES 2: $1.5321 High Feb 22 & Lower weekly Bolli band
RES 1: $1.5219/22/35 Feb 26 high, Feb 28 high, Reversal low Jan 2012
Latest price: $1.5179
SUP 1: $1.5073/81 Low Feb 25, 27
SUP 2: $1.4986 Lower daily Bolli band
SUP 3: $1.4887 3.00% lower MA envelope
SUP 4: $1.4855 61.8% of $1.3503-1.7043
USD/JPY: Holds Below Tenkan Line And Above Kijun Line. The pair moves a little higher, holds above the Kijun line and 23.6%, but the Kijun line suddenly jumped higher. If the Tenkan line crosses below we may see a bearish reversal indicator. Daily studies slide but may be firming a touch, while wkly studies also point lower. Mthly studies still bullish but last month left a long upper shadow. Initial supp at Y91.69, the 23.6% of Y81.72-94.77. Initial res still Tenkan line and 21-DMA at Y92.82/93.10.
RES 4: Y94.99 May 2010 reversal high,
RES 3: Y94.46/77 Feb 11 high, Feb 25 high
RES 2: Y93.99 38.2% of Y124.14-75.35
RES 1: Y92.82/93.10 Daily Tenkan line, 21-day moving average
Latest price: Y92.55
SUP 1: Y91.69 23.6% of Y81.72-94.77
SUP 2: Y90.88 Low Feb 25
SUP 3: Y90.12/22 Weekly support line from Nov 2012, Weekly Tenkan line
SUP 4: Y89.78 38.2% of Y81.72-94.77
EUR/JPY: Sell-Signal As Kijun Line Crosses Above Tenkan Line. EUR/JPY holds below the Tenkan line and above the 38.2% level and 55-DMA, despite the declining daily studies. The Kijun line has also crossed above the Tenkan line, which is usually a bearish signal. Initial supp seen at Y120.13/16, the Jan 14 and 22 highs, and further key supp at Y119.40/41, the 55-DMA and 38.2% of Y105.98-127.71. Weekly studies area also declining and monthly studies continue to rise, however look a touch weaker. Initial res seen as the Tenkan line and 23.6% at Y122.32/58.
RES 3: Y124.08 21-DMA
RES 2: Y123.22/33/43 Kijun line, Apr 2011 high, Feb 8 low
RES 1: Y122.32/58 Tenkan line, 23.6% Y105.98-127.71
Latest price: Y120.96
SUP 1: Y120.13/16 High Jan 14, 22
SUP 2: Y119.40/41 55-DMA, 38.2% of Y105.98-127.71
SUP 3: Y118.89 Monthly Ichimoku cloud base
SUP 4: Y118.16 Daily Ichimoku cloud top
EasyForexNews Research Team