EUR/USD: Weekly Studies Remain Bearish, Holds Above 200-DMA At $1.2880. The pair leaves an inside-day and remained above the 200-DMA, still part of initial support around $1.2865-83, including the lower daily Bolli band, Dec 7 low, 200-DMA, Mar 18 low and 50.0% of $1.2043-1.3711. A strong key initial supp level, bears failed to break below yesterday and if bulls manage to hold above we may see them test key res at $1.3006/19, the redrawn Feb 1 res line and 21-DMA. Weekly studies are bearish and a break below initial supp could see the Mar 19 low threatened, at $1.2844.
RES 4: $1.3074/75 76.4% of $1.2877-1.3711, Mar 5 high
RES 3: $1.3049 23.6% of $1.3711-1.2844
RES 2: $1.3006/19 Redrawn Res line from Feb 1, 21-DMA
RES 1: $1.2955/65/67 Lows Mar 8, 6 and 1
LATEST PRICE: $1.2919
SUP 1: $1.2865-83 Lwr dly Bolli, Lw Dec 7, 200-DMA, Lw Mar 18, 50% $1.204-1.371
SUP 3: $1.2844 Low Mar 19
SUP 4: $1.2731/36 2.00% MA envelope lower, Low Nov 21
GBP/USD: Daily Studies Bullish But Becoming Overbought. The cross testing the 23.6% $1.6831-1.4832 and Mar 5 high at $1.5198/99, our initial res level. Dly studies firmly bullish but becoming stretched and failed test of this res level could see bears return to the fore. Further res seen at $1.5210/19/22/35, highs of Mar 21, Feb 26 and 28 and Jan 2012 reversal low. Strong res at $1.5249/58/73, the Jan 2 res line, upper daily Bolli band and 50.0% $1.3503-1.7043. Initial supp at $1.5132/33, the Feb 21 low and 5-DMA.
RES 4: $1.5321/28 High Feb 22, Reversal low 22 Sept 2011
RES 3: $1.5249/58/73 Jan 2 res line, Upper dly Bolli band, 50.0% $1.3503-1.7043
RES 2: $1.5210/19/22/35 Highs Mar 21, Feb 26, Feb 28, Reversal low Jan 2012
RES 1: $1.5198/99 23.6% of $1.6831-1.4832, High Mar 5
Latest price: $1.5187
SUP 1: $1.5132/33 Low Feb 21, 5-DMA
SUP 2: $1.5061/77 Low Mar 18, 21-DMA
SUP 3: $1.4982/86/96 High Mar 13, Low Mar 1, Lower daily Bolli Band
SUP 4: $1.4832/55 Low Mar 12, 61.8% of $1.3503-1.7043
USD/JPY: Holds Above 21-DMA Despite Sharply Lower Daily Studies. USD slips below the 23.6% of Y88.06-96.71 at Y94.67 but remains above 21-DMA at Y94.43, now our initial supp level. Dly studies sharply lower but price action has failed to match this decline. Bulls may take control if bears continue to fail to move lower, a supp line from Jan 23 provides key supp at Y93.21 just below the 38.2% level at Y93.41. Initial res seen at Y95.14, the Tenkan line and further res at Y96.11/13, the highs of Mar 21 & 20.
RES 4: Y97.07 2.00% upper MA envelope
RES 3: Y96.71 Mar 12 high
RES 2: Y96.11/13 Mar 21 high, Mar 20 high
RES 1: Y95.14 Tenkan line
Latest price: Y94.62
SUP 1: Y94.43 21-day moving average
SUP 2: Y93.73/79/99 High Mar 4, Kijun line, 38.2% of Y124.14-75.35
SUP 3: Y93.21/41 Jan 23 support line, 38.2% of Y88.06-96.71
SUP 4: Y92.17/38/43 Ichimoku cloud top, 50.0% of Y88.06-96.71, 55-DMA
EUR/JPY: Slips Below 55-DMA, Hasn’t Closed Below Since Nov 2012. EUR slips below key 55-DMA, the pair has closed above since Nov 2012, if bears manage to hold below we may see euro-yen follow dly studies lower. Supp below 55-DMA at Y121.15/22/36, the 2.00% lower MA env and key Mar 18 low, Jan 29 high, Feb 26 high. Wkly chart shows long upper shadow, highlighting selling pressure while wkly studies also slide. Bulls look to move above 55-DMA, at Y122.34, and initial res, at Y122.93/123.09, 21-DMA and 38.2% Y169.96-94.12.
RES 4: Y125.24 Reversal high Feb 2010
RES 3: Y124.13/39/54 High Mar 19, Low Mar 12, 11
RES 2: Y123.60/70 Tenkan line, Daily Ichimoku cloud top
RES 1: Y122.93/123.09 21-DMA, 38.2% of Y169.96-Y94.12,
Latest price: Y122.18
SUP 1: Y121.15/22/36 2.00% lower MA env, Low Mar 18, Low Jan 29, High Feb 26
SUP 2: Y120.13/16 High Jan 14, 22
SUP 3: Y119.78/91 23.6% of Y94.12-127.71, 3.00% lower MA envelope
SUP 4: Y119.41 38.2% of Y105.98-127.71
EasyForexNews Research Team