EUR/USD: Slips Below $1.3000 – Daily Studies Slide. The pair slipped below the Apr 17 low and 5-wk MA, former supp at $1.3002, and now holds just below while dly studies continue to decline. Initial supp now at $1.2965/67/74/83, the lows of Mar 6 and Mar 1, the 23.6% of $1.3711-1.2746 and the 21-DMA. A break below here would likely target a test of the 200-DMA, further supp at $1.2941. Wkly tech studies appear weak and further supp at $1.2893, the 55-wk MA. Bulls look to break the hourly high at $1.3006.
RES 4: $1.3150/55 Former 38.2% $1.4940-1.2043, 100-DMA
RES 3: $1.3115/17 38.2% of $1.3711-1.2743, Apr 22 high
RES 2: $1.3070/96 55-DMA, High Apr 18
RES 1: $1.3006 Hourly high
Latest price: $1.2998
SUP 1: $1.2965/67/74/83 Low Mar 6, Low Mar 1, 23.6% of $1.3711-1.2746, 21-DMA
SUP 2: $1.2941 200-DMA
SUP 3: $1.2893 55-week MA
SUP 4: $1.2800 Support line from Jul 24
GBP/USD: Key Support Around $1.5198 to $1.5204. The cross met support from the former 23.6% again at $1.5198, part of initial support which now includes the 23.6% of $1.6381-1.4832, Support line from Mar 12 low and the Apr 22 low at $1.5198/5200/04. This key support level has held price action for the past two sessions while daily studies slide. Break below here could prompt a new trend lower, next support seen at $1.5104, the lower daily Bolli band. Initial res at $1.5298, the Apr 23 high.
RES 4: $1.5485 Reversal low 28 Jun 2012
RES 3: $1.5406/10/12/24 Upper dly Bolli, Highs Apr 12, 11, 38.2% $1.6381-1.4832
RES 2: $1.5368/73/79 Highs Apr 19, 17 and 16
RES 1: $1.5298 Apr 23 high
Latest price: $1.5234
SUP 1: $1.5198/5200/04 23.6% $1.6381-1.4832, Support line Mar 12 low, Apr 22 low
SUP 2: $1.5104 Lower daily Bollinger band
SUP 3: $1.5027/34 Low Mar 20, Low Apr 4
SUP 4: $1.4982 High Mar 13
USD/JPY: Long Lower Shadow – Bulls Still Eye Y99.95. Dollar left a long-lower shadow yesterday, cautioning bears, despite the large negative divergence on 10-day momentum. Price action continues to hang around just below the Apr 11 high of Y99.95, with bulls chomping to retest this level and break above. Further res seen at Y100.18/19/53, the Feb 11 res line, mthly Ichimoku top and 2.00% upper MA env. Continued failure to break above could send the pair lower, the Apr 4 supp line lies at Y98.10.
RES 4: Y101.91 Upper daily Bollinger band
RES 3: Y101.45/53 Reversal high Apr 2009, 3.00% MA envelope top
RES 2: Y100.18/19/53 Feb 11 res line, Mthly Ichimoku top, 2.00% upper MA env
RES 1: Y99.90/95 Apr 22 high, Apr 11 high
Latest price: Y99.38
SUP 1: Y98.49 Low Apr 23
SUP 2: Y98.10/19/21 Supp line Apr 4, 38.2% Y135.15-75.35, 23.6% of Y92.57-99.95
SUP 3: Y97.63/85 Apr 18 low, Tenkan line
SUP 4: Y97.13/18 38.2% of Y92.57-99.95, 21-DMA
EUR/JPY: Bounces From Tenkan – Bulls Eye Apr 11 High At Y131.12. The pair left a long lower-shadow after bouncing from the Tenkan line, ahead of this support still at Y128.29, the 23.6% of Y119.11 to Y131.12. Further support at Y127.87/88/128.06, these being the Apr 23 low, dly Tenkan line and Apr 19 low. 10-day momentum shows negative divergence but bulls likely target a retest of the Apr 11 high at Y131.12, just below the 2% MA envelope top at $131.17. Ahead of here, initial res seen as Apr 22 high at Y130.70.
RES 4: Y132.45 3.00% MA envelope top
RES 3: Y131.87/132.04 100-month MA, 50.0% of Y169.96-Y94.12
RES 2: Y131.12/17 Apr 11 high, 2.00% MA envelope top
RES 1: Y130.70 Apr 22 high
Latest price: Y129.22
SUP 1: Y128.29 23.6% of Y119.11 to Y131.12
SUP 2: Y127.87/88/128.06 Apr 23 low, Tenkan line, Apr 19 low
SUP 3: Y126.44/53 Low Apr 17, 38.2% of Y119.11 to Y131.12
SUP 4: Y126.04/20 High Mar 12, 21-DMA
EasyForexNews Research Team