EUR/USD remains above the former channel top with daily stochastic study remaining firm but other studies approaching overbought levels. Resistance is now in the $1.3811/29 region from a number of daily highs, with the daily Bollinger band top just ahead of there at $1.3795. Bulls will want to push on to the $1.3893 Dec 27 reversal high. However, bears aim to turn those daily studies, facing MA support from $1.3724 (5-DMA) and $1.3661 (55-DMA).
R 4: $1.3874 Monthly resistance line from Jul 2008
R 3: $1.3829 High 25 Oct
R 2: $1.3811/18 Highs Dec 11 & Dec 18, Dec 30/31
R 1: $1.3795 Daily Bollinger band top
Latest price: $1.3762
S 1: $1.3650/61 Minor support line 6 Feb, 55-DMA
S 2: $1.3631/31 100, 21-DMA
S 3: $1.3594 50.0% of $1.3296-1.3893
S 4: $1.3562 Low Feb 13
GBP/USD slips under the 5-DMA of $1.6703 as bears attempt to turn the daily studies back lower and focus on Fibonacci retracements of the February advance at $1.6605 and $1.6537. For now, the daily studies remain firm but resistance is from the top of the Bollinger band at $1.6810 and high at $1.6823 ahead of Nov 2009 highs of $1.6878.
R 4: $1.6929 Minor trend line from mid-June
R 3: $1.6878 Monthly high of Nov 2009
R 2: $1.6823/26 High 17 Feb, 138.2% projection level
R 1: $1.6810 Bollinger band top
Latest price: $1.6690
S 1: $1.6635 200-month MA
S 2: $1.6603/05 Former reversal high Jan 2, Fibonacci level
S 3: $1.6523/37 21-DMA, 50% of February rally
S 4: $1.6517 High Jan 10
USD/JPY holds around the 21-DMA at Y102.33, helped by firm daily studies with bullish eyes remaining on the Kijun line of Y102.86 and Fibonacci retracement levels from Y103.10. Those studies are showing some signs of fading, however and the 5-DMA now turns initial support along with the Tenkan line at Y102.00/06 with the Ichimoku cloud base at Y101.57
R 4: Y104.00 Ichimoku cloud top
R 3: Y103.40/65 55-DMA, 61.8% level
R 2: Y103.10 50% of 2014 decline
R 1: Y102.74/86 High 18 Feb, Daily Kijun
Latest price: Y102.20
S 1: Y102.00/06 Tenkan line, 5-DMA
S 2: Y101.52/53/57 100-DMA, High Jul 8 & 50.0% Y97.62-105.44, Cloud base
S 3: Y100.61/75 High Sept 11 & 61.8% Y97.62-105.44, Early Feb lows
S 4: Y100.21 200-day moving average
EUR/JPY holds over the 21-DMA and Kijun line, which turn initial support at Y139.49/59 and have bulls focused on the Fibonacci level at Y140.99. Daily studies continue to support gains but the weekly and monthly studies continue to urge some caution. Initial support is from the 5-DMA of Y140.05
R 4: Y142.95 Ichimoku Cloud top
R 3: Y141.96/142.04 Lows Jan 3, 9
R 2: Y141.15/22 1% Upper Band, 55-DMA
R 1: Y140.99 61.8% retracement level
Latets price: Y140.66
S 1: Y139.49/59 21-DMA, Kijun line of Ichimoku cloud
S 2: Y138.92 Tenkan line of Ichimoku cloud
S 3: Y138.44/46 Ichimoku cloud base, 50.0% Y131.22-145.69
S 4: Y138.11/20 High Feb 3, 100-DMA
