EURJPY TECHS: Pierces Trendline Support
- RES 4: 167.59 2.0% 10-dma envelope
- RES 3: 166.00 Round number resistance
- RES 2: 165.35 High Mar 20 and the bull trigger
- RES 1: 165.17 High Apr 09
- PRICE: 164.20 @ 07:12 BST Apr 19
- SUP 1: 163.57/162.28 Trendline from Dec 7 ‘23 low / Low Apr 12
- SUP 2: 161.07 Low Mar 15
- SUP 3: 160.72 38.2% retracement of the Dec 7 ‘23 - Mar 20 rally
- SUP 4: 160.22 Low Mar 11
The trend condition in EURJPY remains bullish and this is reinforced by the fact that the cross - for now - remains above key support at 163.57 - a trendline drawn from the Dec 7 ‘23 low. This line has again been pierced today. A clear break of it is required to signal a short-term reversal and this would also highlight a break of the 50-day EMA, at 162.95. For bulls, key resistance is unchanged at 165.35, the Mar 20 high.
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EURGBP TECHS: Moving Average Remain In A Bear-Mode Position
- RES 4: 0.8676 High Jan 3
- RES 3: 0.8620 High Jan 20
- RES 2: 0.8593 High Jan 19
- RES 1: 0.8578 High Feb 20 and key resistance
- PRICE: 0.8544 @ 06:10 GMT Mar 20
- SUP 1: 0.8504 Low Mar 08
- SUP 2: 0.8493 Low Aug 23 2023 and a key medium-term support
- SUP 3: 0.8454 76.4% of the Mar 7 - Sep 26 ‘23 bull phase
- SUP 4: 0.8388 Low Aug 17 2023
EURGBP remains in consolidation mode. The trend direction is down and moving average studies remain in a bear-mode position, highlighting a bear cycle with sights on key support at 0.8493, Aug 23 low. Clearance of this level would resume the trend and signal scope for 0.8454, a Fibonacci retracement. For bulls, key resistance is at 0.8578, the Feb 20 high. A breach of this level would highlight a range break out and a reversal.
SCHATZ TECHS: (M4) Bearish Outlook
- RES 4: 106.315 High Feb 8
- RES 3: 106.145 High Feb 15
- RES 2: 106.040 Low Feb 15
- RES 1: 105.761/106.010 20-day EMA / High Mar 8
- PRICE: 105.605 @ 05:49 GMT Mar 20
- SUP 1: 105.515 Low Mar 15
- SUP 2: 105.490 Low Feb 29 and the bear trigger
- SUP 3: 105.430 High Feb 20 (cont)
- SUP 4: 105.310 High Feb 26 (cont)
A downtrend in Schatz futures remains intact and the latest pullback reinforces this theme. The move lower refocuses attention on key short-term support and the bear trigger at 105.490, the Feb 29 low. A break of this level would confirm a resumption of the downtrend that started in December last year. For bulls, a reversal higher would open 106.010, the Mar 8 high, where a break is required to resume a bullish corrective phase.
GBPUSD TECHS: Tests Support At The 50-Day EMA
- RES 4: 1.2996 High Jul 27 2023
- RES 3: 1.2946 2.00 projection of the Feb 14 - 22 - Mar 1 price swing
- RES 2: 1.2823/2894 High Mar 14 / 8 and the bull trigger
- RES 1: 1.2759 High Mar 15
- PRICE: 1.2710 @ 15:50 GMT Mar 19
- SUP 1: 1.2686/68 50-day EMA / Low Mar 19
- SUP 2: 1.2600 Low Mar 1
- SUP 3: 1.2536 Low Feb 14
- SUP 4: 1.2519 Low Feb 5 and the bear trigger
GBPUSD traded lower Tuesday before recovering from the session low. The recent move down from 1.2894, Mar 8 high, appears to be a correction, however, the pair has pierced support at 1.2686, the 50-day EMA. A clear break of this average would signal scope for a deeper retracement and open 1.2600, Mar 1 low. Key resistance is at 1.2894. A break of it would resume the uptrend. First resistance is seen at 1.2759, the Mar 15 high.
