EUR/USD: Below Feb 1 Res Line But Holds Above $1.2955 – Mar 8 Low. The pair hanging around just below the Feb 1 res line now at $1.3066, which is initial res alongside the highs of Mar 5 and 6 at $1.3075/80. Daily and monthly studies still creep a little higher, but weekly studies bearish. Further key res seen from the 100-DMA and 23.6% of $1.3711-1.2955, at $1.3128/33, respectively. Initial supp seen as the March lows at $1.2955/65/67, the lows of Mar 8, 6 and 1. Break below here could recommence the bearish trend.
RES 4: $1.3250 38.2% of $1.3711-1.2965
RES 3: $1.3172 21-day moving average
RES 2: $1.3128-50 100-DMA, 23.6% $1.371-1.296, Low Feb 22, 38.2% $1.494/1.204
RES 1: $1.3066/75/80 Res line from Feb 1, Mar 5 and 6 highs
Latest price: $1.3027
SUP 1: $1.2955/65/67 Lows Mar 8, 6 and 1
SUP 2: $1.2914 55-week MA
SUP 3: $1.2877/83 Reversal low Dec 7, 50.0% $1.2043-1.3711
SUP 4: $1.2854/61 Lower Bolli band, 200-DMA
GBP/USD: Lower High & Lower Low – Nearly Completes Measured Move To $1.4795. The Cable again leaves a lower high and lower low, stretching daily studies lower and posting a new lower low at $1.4866. The pair has almost completed the measured move to $1.4795, following the ascending triangle breakout to the downside on the monthly chart. Initial supp seen at $1.4866/85, the lows of Mar 10 and 8, further supp at $1.4855, the 61.8% of $1.3503-1.7043. Initial res seen as the 5-DMA, lower wkly Bolli and Mar 7 low at $1.4953/64/67.
RES 4: $1.5199 High Mar 5
RES 3: $1.5104 Lower Mthly Bolli band
RES 2: $1.5073/81 Low Feb 25, 27
RES 1: $1.4953/64/67 5-DMA, Lower wkly Bolli band, Mar 7 low
Latest price: $1.4893
SUP 1: $1.4866/85 Low Mar 10, 8
SUP 2: $1.4855 61.8% of $1.3503-1.7043
SUP 3: $1.4771/84/95 Lwr dly Bolli, Reversal low Mar 2010, Measured move target
SUP 4: $1.4634 3.00% lower MA envelope
USD/JPY: Bulls Testing Former Dec 21 Supp Line As Res, Now At Y96.88. The cross still pushing higher but remaining under the former Dec 21 supp line turned res, now seen at Y96.88 and is initial res just above the 3.00% upper MA envelope at Y96.59 and the hourly high at Y96.71. A break above here would encourage bulls to make further gains, however daily studies are entering overbought levels and weekly studies continue to look weak, but monthly studies remain bullish. Initial supp at Y95.65, the 2.00% MA envelope.
RES 4: Y98.34 100-month MA
RES 3: Y97.79 Aug 2009 reversal high
RES 2: Y97.53 4.00% MA envelope
RES 1: Y96.59/71/88 3.00% MA env, Hourly high, Former Dec 21 supp line, now res
Latest price: Y96.44
SUP 1: Y95.65 2.00% upper MA envelope
SUP 2: Y94.99/95.09 May 2010 reversal high, High Mar 7
SUP 3: Y94.36/46/77 Tenkan line, Feb 11 high, Feb 25 high
SUP 4: Y93.69/73/79/99 21-DMA, High Mar 4, Kijun line, 38.2% of Y124.14-75.35
EUR/JPY: Pennant Pattern Breakout Targets Y127.17 – Daily Studies Rise. The pair follows daily studies higher after the topside breakout of the pennant pattern on the daily chart, initial res now seen at Y125.90/92/126.04, the highs of Feb 20, Mar 8 and the hourly high. The measured move of the pattern break should target Y127.17 and skew risk to the upside, further res seen at Y126.35, the 3.00% MA env. Bears look to move below the 2.00% MA env at Y125.12 and Feb 2010 reversal high at Y125.24.
RES 4: Y127.57/71/91 4.00% MA envelope top, High Feb 6, Reversal high April 2010
RES 3: Y126.95/127.17 High Feb 12, Measured move target
RES 2: Y126.35 3.00% MA envelope
RES 1: Y125.90/92/126.04 High Feb 20, High Mar 8, Hourly High
Latest price: Y125.48
SUP 1: Y125.12/24 2.00% MA envelope, Reversal high Feb 2010
SUP 2: Y123.81/86 Low Mar 8, High Jan 30
SUP 3: Y123.22/33/39/43 Kijun ln, Apr 2011 hgh, Feb 6 res ln & 21-DMA, Feb 8 low
SUP 4: Y122.17/20/58 High Mar 1, Tenkan line, 23.6% Y105.98-127.71
EasyForexNews Research Team