EUR/USD: M/T Outlook Bearish Whilst Below 200-DMA. Impressive recovery off $1.2771 but whilst below the 200-day moving average at $1.2889 and also a 2-month resistance line at $1.2937, the medium-term outlook remains bearish. The daily stochastic study continues to point lower and remains in sell mode. Support is at $1.2551/71 and break below here favours move to 1-month support line at $1.2707.
RES 4: $1.3047 High Mar 25
RES 3: $1.2965/67/78 Low Mar 6, Low Mar 1, 23.6% of $1.3711 to $1.2751
RES 2: $1.2937/41 Resistance line from Feb 1, 21-day moving average
RES 1: $1.2889/90 200-DMA, High Mar 26
Latest price: $1.2860
SUP 1: $1.2751/71 Recovery low Mar 27, Low Apr 1
SUP 2: $1.2707 Support line from 1 Mar
SUP 3: $1.2662/80 Nov 13 reversal low, 61.8% of $1.2043-1.3711
SUP 4: $1.2611 2.00% MA envelope lower
GBP/USD: Focus Remains On June 1, 2012 Low At $1.5269. Focus is on June 1, 2012 low at $1.5269 and decisive break above here is seen extending upside recovery. Resistance above here is at 1.5321/28/33 area, where former is the high on Feb 22 and latter the lows seen on 22/23 Sept 2011. The daily stochatic remains bearishly crossed and still unconvinced, but 10-day momentum study is ticking higher. Support is at $1.5178/97.
RES 4: $1.5393/24 55-DMA, 38.2% $1.6381-$1.4832
RES 3: $1.5342 Jan 2012 supp line weekly chart
RES 2: $1.5321/28/33 High Feb 22, Low 22/23 Sept 2011
RES 1: $1.5269 High Mar 25, June 1 2012 low
Latest price: $1.5235
SUP 1: $1.5178/97 Low Mar 29, 5-DMA
SUP 2: $1.5092/96 21-DMA, 38.2% of $1.4835-$1.5257
SUP 3: $1.5027 Low Mar 20
SUP 4: $1.4982/86/87 Lower daily Bolli Band, High Mar 13, Low Mar 1
USD/JPY: Bears Eyeing Ichimoku Cloud Top. Break below the Kijun line at Y93.79 puts bears back in control and close below here favours slide to continue towards the Ichimoku cloud top at Y92.12. Initial resistance is at Y93.16 ahead of Y93.87/88/92 area. line and 38.2%.
RES 4: Y94.82/91 21-day moving average, High Mar 21
RES 3: Y94.34 Tenkan line of Ichimoku cloud
RES 2: Y93.87/88/92 Lows Mar 26/28, Kijun line of Ichimoku
RES 1: Y93.16 Low 1 Apr
Latest price: Y92.70
SUP 1: Y92.44 Low 1 Mar
SUP 2: Y92.09/12 23.6% of Y77.13-96.71, Ichimoku cloud top
SUP 3: Y91.41 High Jan 30
SUP 4: Y90.85/80/88 Wkly supp line from Nov 2012, Wkly Tenkan line, Low Feb 25
EUR/JPY: Ichimoku Cloud Base Eyed At Y118.82. Break below Y119.78 Fibonacci level — 23.6% of July 2012 low Y94.12 to Feb 2013 high Y127.71 rally leaves downside risks skewed lower towards the Ichimoku cloud base at Y118.82 and a projected channel base from Feb 6 high, which is today valued at Y117.17. The daily studies, albeit oversold, shows stochastic study still pointing lower.
RES 4: Y122.71/80 21 & 55-day moving average
RES 3: Y122.37/51 Daily Ichimoku cloud top, Kijun line of Ichimoku cloud
RES 2: Y121.77/87 Tenkan line, High Mar 27
RES 1: Y120.23 5-day moving average
Latest price: Y119.22
SUP 1: Y118.73/82 Low Feb 25, Ichimoku cloud base
SUP 2: Y117.59 Low Jan 24
SUP 3: Y117.15/17 100-day moving average, Projected channel base from Feb 6 high
SUP 4: Y116.44/57 Monthly Ichimoku cloud base, 55-month MA
EasyForexNews Research Team