EUR/USD recovery was contained by the Bollinger band as well as a band of resistance in the $1.3825/41 area, which contains former highs, a broken 61.8% retracement of the 2011/2012 decline and also a monthly resistance line from July 2008. Bulls are focused on these levels, with initial support from the 5-DMA at $1.3737. Bears need to turn attention to moving averages within $1.3634/72
R 4: $1.4245/57 High Oct 2011, 76.4% retracement of 2011/2012 decline
R 3: $1.3894 High Dec 27
R 2: $1.3835/41 Bollinger band, Monthly resistance line from Jul 2008
R 1: $1.3825/29 High Feb 28, 25 Oct
LP: $1.3780
S 1: $1.3660/72 55, 21-DMA
S 2: $1.3634/43 100-DMA, Low Feb 27
S 3: $1.3594 50.0% of $1.3296-1.3894
S 4: $1.3562 Low Feb 13
GBP/USD bulls pushed through the Fibonaccci retracements of the decline from $1.6823, eventually pulling up short of the 76.4% retracement at $1.6766. Bulls need to push on through the $1.6823 high. Initial support is from the 5-DMA of $1.6700.
R 4: $1.6888 Bollinger band top
R 3: $1.6878 Monthly high of Nov 2009
R 2: $1.6823/26 High Feb 17, 138.2% projection level
R 1: $1.6763/66 High Feb 28, 76.4% retracement level
LP: $1.6730
S 1: $1.6700 5-DMA
S 2: $1.6603/05 Former reversal high Jan 2, Fibonacci level
S 3: $1.6577/83 21-DMA, Low Feb 24
S 4: $1.6512/17/37 55-DMA, High Jan 10, 50% of February rally
USD/JPY sees weakening daily studies as the market holds below the Ichimoku cloud base, now at Y102.28 and the 100-DMA of Y101.88, which turn initial resistance along with the Kijun line, Tenkan line and 21-DMA within Y102.07/18. This has bears focused on the early Feb lows to Y100.75.
R 4: Y104.02 Ichimoku cloud top
R 3: Y103.28/65 55-DMA, 61.8% level
R 2: Y103.10 50% of 2014 decline
R 1: Y102.83 High Feb 21, 102.18 Daily Kijun line
LP: Y101.40
S 1: Y101.26 Hourly low
S 2: Y101.10 1% lower band
S 3: Y100.61/75 High Sept 11 & 61.8% Y97.62-105.44, Early Feb lows
S 4: Y100.20 200-day moving average
EUR/JPY sees the daily slow-stochastic study remain weak after completing a bear-cross. The pair is now threatening a break below the Ichimoku cloud of Y139.44. The Tenkan line of the Ichimoku cloud & 5-DMA now form initial resistance at Y140.02.
R 4: Y141.96/142.04 Lows Jan 3, 9
R 3: Y141.75 1% Upper Band
R 2: Y141.10/29 55-DMA, High Feb 21
R 1: Y140.99 61.8% retracement level
LP: Y139.80
S 1: Y139.44/55 Ichimoku cloud base, 21-DMA
S 2: Y138.91/139.00 100-DMA, Kijun line
S 3: Y138.46/67 50.0% Y131.22-145.69, Low 12 Feb
S 4: Y138.11 High Feb 3
