EUR/USD: Bulls Turned Away By 21-DMA, Bears Force Gap Lower. The pair reverses and gaps lower to trade below the Feb 1 res line and push further south towards the 200-DMA to post a fresh March low, now at $1.2885. Dly studies are choppy and look less bullish, wkly studies decline and mthly studies show the potential to reverse. Key initial supp seen at $1.2843/73/77/83, a break and close below may turn the pair bearish and target the Nov 13 reversal low at $1.2662. Initial res at $1.2993, the 5-DMA.
RES 4: $1.3253 55-day moving average
RES 3: $1.3129/45/50 100-DMA, Low Feb 22, 38.2% $1.4940/1.2043
RES 2: $1.3074/75/80/91 76.4% of $1.2877-1.3711, Mar 5 & 6 highs, 21-DMA
RES 1: $1.2993 5-day moving average
Latest price: $1.2887
SUP 1: $1.2843-83 Lower dly Bolli, 200-DMA, low Dec 7, 50.0% $1.2043-1.3711
SUP 2: $1.2769 2.00% MA envelope lower
SUP 3: $1.2736 Low Nov 21
SUP 4: $1.2662/80 Nov 13 reversal low, 61.8% of $1.2043-1.3711
GBP/USD: Bullish Engulfing On Weekly Chart, Key Jan 2 Res Line At $1.5172. The cross tests the Jan 2 res line but price action holds below the 21-DMA, now at $1.5115. Bulls broke higher but met res around $1.5160/72/77, the hourly high, Jan 2 res line and Mar 15 high. Dly studies have been sent higher, but failure to close above $1.5172 could see them reverse lower again. Wkly chart shows bullish engulfing pattern, but confirmation needed. Initial supp at $1.5023, the 5-DMA, further supp at $1.4982/86, the Mar 13 high and Mar 1 low
RES 4: $1.5321/28 High Feb 22, Reversal low 22 Sept 2011
RES 3: $1.5219/22/35 Feb 26 high, Feb 28 high, Reversal low Jan 2012
RES 2: $1.5198/99 23.6% $1.6831-1.4832, High Mar 5
RES 1: $1.5160/72/77 Hourly high, Res line from Jan 2, Mar 15 high
Latest price: $1.5094
SUP 1: $1.5023 5-day moving average
SUP 2: $1.4982/86 High Mar 13, Low Mar 1
SUP 3: $1.4866/85 Low Mar 11, 8
SUP 4: $1.4824/32/55 Lower daily Bolli Band, Low Mar 12, 61.8% of $1.3503-1.7043
USD/JPY: Studies Sharply Lower, Jan 23 Key Supp Line At Y92.72. JPY gaps lower to trade between the Tenkan line and Kijun line, but has broken above and below these levels already. Dly studies are sharply lower and the pair finally follows 10-day momentum study and wkly studies down. Initial supp now seen at Y93.41, the 38.2% of Y88.06-96.71. Further supp seen at Y92.72, the key Jan 23 support line, which held as supp before. Bulls look above the 23.6% level and Tenkan line to retest Mar 12 high.
RES 4: Y96.71 Mar 12 high
RES 3: Y96.31 2.00% upper MA envelope
RES 2: Y95.45 Low Mar 13
RES 1: Y94.99 May 2010 reversal high & Hourly high
Latest price: Y94.33
SUP 1: Y93.41/57 38.2% of Y88.06-96.71, Hourly low
SUP 2: Y92.72 Jan 23 support line
SUP 3: Y92.38 50.0% of Y88.06-96.71
SUP 4: Y91.84/92.09 55-DMA, 23.6% of Y77.13-96.71
EUR/JPY: Gaps Lower With Daily Studies, Holds Below Key Initial Res. EUR/JPY gaps lower too and moves into the daily Ichimoku cloud while daily studies sharply decline. Weekly studies are also bearish and initial supp now seen at Y121.15, the hourly low, further supp at Y120.13/16, the highs of Jan 14 and 22. Further key supp at Y119.78, the 23.6% of Y94.12-127.71, the large rally from mid-2012 to early Feb 2013. Bulls tested initial res already, seen at Y122.71/82/84, the hourly high, daily Ichimoku top and Kijun line.
RES 4: Y123.81/86 Low Mar 8, High Jan 30
RES 3: Y123.33/60 Apr 2011 high, Tenkan line
RES 2: Y123.09/16 38.2% of Y169.96-Y94.12, 21-DMA
RES 1: Y122.71/82/84 Hourly high, Daily Ichimoku top, Kijun line
Latest price: Y121.80
SUP 1: Y121.15 Hourly low
SUP 2: Y120.13/16 High Jan 14, 22
SUP 3: Y119.78 23.6% of Y94.12-127.71
SUP 4: Y119.41 38.2% of Y105.98-127.71
EasyForexNews Research Team