EUR/USD continues to hold below the Sept 6 support line, now at $1.3578, which bulls have been looking to test since breaking below on Jan 31, ahead of here is yesterday’s high at $1.3555. However, continued failure to retest this level could see bears take control – they require a break below the Feb 3 low at $1.3477 to test key support seen just above the $1.3450 level, a couple of Fibonacci levels at $1.3456/58 and the daily Bolli base at $1.3465.
R 4: $1.3642 55-day moving average
R 3: $1.3599/3603/06 21-DMA, High Jan 29, 100-DMA
R 2: $1.3573/78 High Jan 31, Sept 6 support line
R 1: $1.3555 High Feb 5
Latest price: $1.3515
S 1: $1.3465/77 Daily Bolli band base, Low Feb 3
S 2: $1.3456/58 23.6% of $1.2043-1.3893, 38.2% of $1.2755-1.3893
S 3: $1.3437 76.4% of $1.3296-1.3893
S 4: $1.3400 High Aug 8 & Low Nov 21
GBP/USD tested support around the 100-DMA in the past two sessions and failed to break below despite bearish studies. Bears look to retest key support seen around here, from the 21-week MA at $1.6244, daily Bolli band base at $1.6252, 100-DMA at $1.6255 and 50.0% level at $1.6262. A close below this level likely accelerates losses, however daily studies are near oversold and a bounce from here could then retest the former July support line at $1.6462.
R 4: $1.6497/6517 Highs Jan 9, 10
R 3: $1.6449/62 21-DMA, Redrawn July support line
R 2: $1.6400/02 Low Jan 21, 55-DMA
R 1: $1.6336 5-day moving average
Latest price: $1.6298
S 1: $1.6252/55/62 Low Feb 5, 100-DMA, 50.0% of $1.5855-1.6668
S 2: $1.6220/30 Low Dec 17, 23.6% of $1.4814-1.6668
S 3: $1.6166 61.8% of $1.5855-1.6668
S 4: $1.6116/18 Low Oct 22, High Nov 6
USD/JPY posts a long lower shadow after testing below the daily Ichimoku cloud to Feb 4 low at Y100.76 where a convergence of support is noted, daily Bolli base is at Y100.77. Bears look to close below the 100-DMA and daily cloud base at Y101.17/18, however daily studies could turn higher allowing bulls to retest the former Nov 2012 support line at Y102.23. But failure to retest adds downside risk while weekly/monthly studies add further downside pressure.
R 4: Y102.86 Low Jan 13
R 3: Y102.41/45 High Feb 3, 38.2% of Y97.62-105.43
R 2: Y102.10/23 Daily Tenkan line, Former Nov 2012 support line
R 1: Y101.77 Low Jan 27 & High Feb 5
Latest price: Y101.47
S 1: Y101.17/18 100-DMA, Daily Ichimoku cloud base
S 2: Y100.61/76 High Sept 11 & 61.8% of Y97.62-105.44, Low Feb 4
S 3: Y100.13 200-day moving average
S 4: Y99.47/62 76.4% of Y97.62-105.44, Monthly Tenkan line
EUR/JPY continues to hold below 100-DMA which is key initial resistance at Y137.66, a break above could turn daily studies higher from oversold territory. However, failure to regain above targets further losses, initial support is 61.8% of Y131.22-145.69 at Y136.75 and just below is daily Bolli base at Y136.42, followed by Feb 4 low at Y136.23. Weekly/monthly studies continue to slide and further losses targets the next support line at Y135.09.
R 4: Y138.74/99 Daily Tenkan line, Former Nov 2012 support line
R 3: Y138.46 Cloud Base & Former 50.0% Y131.22-145.69
R 2: Y138.11 High Feb 3
R 1: Y137.58/66 Hourly high, 100-DMA
Latest price: Y137.21
S 1: Y136.75 61.8% of Y131.22-145.69
S 2: Y136.36/40/41 Low Feb 3, High Nov 21, Daily Bolli base
S 3: Y135.33/51 Monthly Tenkan line, High Oct 22
S 4: Y134.99/135.09 High Oct 29, Support line from Jun 2013 low
