EUR/USD recovery was contained by the Bollinger band, which drops to $1.3800, as well as by 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 remain weak, 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: $1.3825/29 High Feb 28, 25 Oct
LP: $1.3724
S 1: $1.3700 21-DMA
S 2: $1.3639/43/60 100-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 hold above the 5-DMA of $1.6698 and push on through this $1.6823 high, while bears look to turn attention back towards the $1.6627 21-DMA and the Feb 24 low at $1.6583.
R 4: $1.6878 Monthly high of Nov 2009
R 3: $1.6840 Bollinger band
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: $1.6710
S 1: $1.6603/05 Former reversal high Jan 2, Fibonacci level
S 2: $1.6583 Low Feb 24
S 3: $1.6530/37 55-DMA, 50% retracement of February rally
S 4: $1.6517 High Jan 10
USD/JPY is now back within the Ichimoku cloud, the base of which is at Y102.50 with support behind there from the 100 & 5-DMA, Tenkan line, Kijun line and 21-DMA all within Y102.00/22. The daily studies are fairly neutral, although hourly studies are now recovering. Bulls need to sustain the recovery in the cloud to turn attention back to the Y102.83 high and 50% retracement level at Y103.10
R 4: Y103.50/65 Ichimoku cloud top, 61.8% level
R 3: Y103.21 55-DMA
R 2: Y103.10 50% retracement of 2014 decline
R 1: Y102.83 High Feb 21
LP: Y102.65
S 1: Y102.00/22 100 & 5-DMA, Tenkan line, Kijun line, 21-DMA
S 2: Y101.16/20 1% lower band, Low Mar 3
S 3: Y100.61/75 High Sept 11 & 61.8% Y97.62-105.44, Early Feb lows
S 4: Y100.22 200-day moving average
EUR/JPY sees early signs of a recovery in the daily studies as bulls build on support from the Tenkan line as well as 5 & 21-DMAs within Y140.02/16 and challenge the 55-DMA and 50% of the 2014 decline, which meet at Y140.99
R 4: Y142.04/08 Low Jan 9, 61.8% retracement of 2014 decline
R 3: Y141.96 Low Jan 3
R 2: Y141.71/75 1% Upper Band, Top of the Ichimoku cloud
R 1: Y141.29 High Feb 21
LP: Y140.90
S 1: Y139.88 Base of the Ichimoku cloud
S 2: Y139.12 100-DMA
S 3: Y138.76/90 Kijun line, 1% lower band
S 4: Y138.46/67 50.0% Y131.22-145.69, Low 12 Feb
