EUR/USD: Breaks Below 200-DMA, Bears Look To Close Below. The pair squeezes lower again to make a new low again as it break below the 200-DMA to test the lower daily Bolli as supp, seen at $1.2854. Daily studies were rising but look likely to turn lower as do mthly studies. Wkly studies remain bearish. Further supp at $1.2744, the 2.00% MA env base. If this week closes below the 200-DMA, we may see bears push down to the 200-month MA at $1.2049, however, bulls look to retest the mthly Jul 2008 res line at $1.4230.
RES 4: $1.3074/75/78 76.4% $1.2877-1.3711, Mar 5 hgh,
RES 3: $1.3047/49 21-DMA & Redrawn Res line from Feb 1, 23.6% $1.3711-1.2844
RES 2: $1.2955/58/65/67 Low Mar 8, 5-DMA, Lows Mar 6 and 1
RES 1: $1.2911/24 Low Mar 14 & 55-week MA, Low Mar 13
Latest price: $1.2870
SUP 1: $1.2854 Lower daily Bolli band
SUP 2: $1.2744 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: Holds Below Key Jan 2 Res Line At $1.5126. The cross holds below the Jan 2 res line for the third consecutive session and remains below today, despite rising daily studies. If bears continue to hold below we expect the pair will return to its downward trend and we may see a move to the Mar 2010 reversal low and measured move target at $1.4784/95, respectively. Ahead of here, initial supp seen at $1.5061, the Mar 18 low. Initial res seen at $1.5126, the res line from Jan 2.
RES 4: $1.5219/22/35 Feb 26 high, Feb 28 high, Reversal low Jan 2012
RES 3: $1.5198/99 23.6% $1.6831-1.4832, High Mar 5
RES 2: $1.5160/77 Mar 18 high, Mar 15 high
RES 1: $1.5126 Res line from Jan 2
Latest price: $1.5083
SUP 1: $1.5061 Low Mar 18
SUP 2: $1.4982/84/86 High Mar 13, Lower daily Bolli Band, Low Mar 1
SUP 3: $1.4832/55 Low Mar 12, 61.8% of $1.3503-1.7043
SUP 4: $1.4784/95 Reversal low Mar 1 2010, Measured move target
USD/JPY: Holds Between Tenkan Line & 23.6% Despite Bearish Studies. USD holds just above the 23.6% of Y88.06-96.71, our initial supp level at Y94.67, but slips just below the Tenkan line seen at Y95.14. Daily studies remain firmly bearish but the pair hasn’t followed daily studies lower. Weekly studies are also bearish but monthly studies trend higher. Initial res seen at Y95.75, the Mar 19 high and further res at Y96.71/77, Mar 12 high and 2.00% upper MA envelope, which bulls may target and should provide key res.
RES 4: Y97.79 Aug 2009 reversal high
RES 3: Y97.72 3.00% upper MA envelope
RES 2: Y96.71/77 Mar 12 high, 2.00% upper MA envelope
RES 1: Y95.75 Mar 19 high
Latest price: Y95.04
SUP 1: Y94.67 23.6% of Y88.06-96.71
SUP 2: Y94.25 21-DMA
SUP 3: Y93.73/79/99 High Mar 4, Kijun line, 38.2% of Y124.14-75.35
SUP 4: Y93.41 38.2% of Y88.06-96.71
EUR/JPY: Pushed Back Within Cloud, 55-DMA Key Supp At Y122.02. The pair moves back into the daily Ichimoku cloud but finds support from the 55-DMA at Y122.02, which the pair holds just above. Dly studies are bearish but euro-yen has yet to follow the dly studies lower. The pair remains below cloud top, but initial res seen as the Kijun line at Y122.65 and further res at Y122.97/123.09/10, the 21-DMA, 38.2% Y169.96-Y94.12 and Ichimoku top. Wkly studies slide, mthly studies point higher but show signs of slowing.
RES 4: Y124.13/39/54 High Mar 19, Low Mar 12, 11
RES 3: Y123.60 Tenkan line
RES 2: Y122.97/123.09/10 21-DMA, 38.2% of Y169.96-Y94.12, Daily Ichimoku top
RES 1: Y122.65 Kijun line
Latest price: Y122.50
SUP 1: Y122.02 55-DMA
SUP 2: Y121.22/36 Low Jan 29, High Feb 26
SUP 3: Y121.15 Low Mar 18
SUP 4: Y120.13/16 High Jan 14, 22
EasyForexNews Research Team