EUR/USD recovery was contained by the Bollinger band, which drops to $1.3805, 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, although daily studies are weakening, so bears will look to turn attention to moving averages within the $1.3638/90 range
R 4: $1.4245/57 High Oct 2011, 76.4% retracement of 2011/2012 decline
R 3: $1.3894 High Dec 27
R 2: $1.3841 Monthly resistance line from Jul 2008
R 1: $1.3805/25/29 Bollinger band, High Feb 28, 25 Oct
LP: $1.3733
S 1: $1.3690 21-DMA
S 2: $1.3638/43/58 100-DMA, Low Feb 27, 55-DMA
S 3: $1.3594 50.0% retracement of $1.3296-1.3894
S 4: $1.3562 Low Feb 13
GBP/USD bulls pushed through the Fibonacci 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 this $1.6823 high but have some heavy work to do as the daily slow-stochastic study turns softer and the market slips below initial resistance from the 5-DMA of $1.6685. Bears need to turn attention back towards the $1.6605 21-DMA and the Feb 24 low at $1.6583.
R 4: $1.6860/78 Bollinger band, Monthly high of Nov 2009
R 3: $1.6823/26 High Feb 17, 138.2% projection level
R 2: $1.6763/66 High Feb 28, 76.4% retracement level
R 1: $1.6685 5-DMA
LP: $1.6665
S 1: $1.6603/05 Former reversal high Jan 2, 21-DMA, Fibonacci level
S 2: $1.6583 Low Feb 24
S 3: $1.6523/37 55-DMA, 50% retracement of February rally
S 4: $1.6517 High Jan 10
USD/JPY recovers the 100-DMA, which turns initial support with the Kijun and tenkan lines within Y101.96/102.11, but remains below the Ichimoku cloud base, forming resistance at Y102.52. The daily studies are fairly neutral, although hourly studies are weakening. Bears are focused on the early Feb lows to Y100.75.
R 4: Y103.50/65 Ichimoku cloud top, 61.8% level
R 3: Y103.24 55-DMA
R 2: Y103.10 50% of 2014 decline
R 1: Y102.83 High Feb 21
LP: Y102.18
S 1: Y101.20 Low Mar 3
S 2: Y101.12 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 but the pair holds above the Ichimoku cloud base and 21-DMA, which meet at Y139.86, just below the Tenkan line of Y140.02. Bears still seek a break of these levels, while bulls look to build on the support and to challenge the Y140.99 Fibonacci level.
R 4: Y141.96/142.04 Lows Jan 3, 9
R 3: Y141.65/75 1% Upper Band, Top of the Ichimoku cloud
R 2: Y141.05/29 55-DMA, High Feb 21
RES 1: Y140.99 61.8% retracement level
LP: Y140.20
S 1: Y138.76/99 Kijun line, 1% lower band, 100-DMA
S 2: Y138.46/67 50.0% Y131.22-145.69, Low 12 Feb
S 3: Y138.11 High Feb 3
S 4: Y136.28 Low Feb 4
