EUR Downside Risks Grow: Major FX Techs 04.04.2018

EUR/USD -- Short-term top in place; downside risks gain traction as 55-DMA caps, 1.2240 support in focus
* 3rd resistance: 1.2422, March 28 high
* 2nd resistance: 1.2336-38, April 3 high, 55-DMA
* 1st resistance: 1.2329, 21-DMA
* Spot: 1.2275
* 1st support: 1.2254, April 3 low
* 2nd support: 1.2240-41, March 20-21 double-bottom
* 3rd support: 1.2155, March 1 low

USD/JPY -- Orbits 21-DMA as it looks for direction; Fibo resistance at 107.93 and descending cloud bottom in focus;
* 3rd resistance: 107.90-93, Feb. 21 high-38.2% Fibonacci retracement of drop since Jan. 8
* 2nd resistance: 107.37-41, cloud bottom, 55-DMA
* 1st resistance: 107.01, March 28 high
* Spot: 106.51
* 1st support: 106.04-13, base line, 21-DMA
* 2nd support: 105.66, April 2 low
* 3rd support: 105.33, March 27-28 double-bottom

EUR/JPY -- Consolidates; 55-weekly MA defines lower end of range as pair attempts to negate bearish momentum, with little success so far
* 3rd resistance: 132.28-43, March 14-13 highs
* 2nd resistance: 131.61-82, March 29-27 highs
* 1st resistance: 131.30, April 2 high
* Spot: 130.77
* 1st support: 129.98-99, April 2-3 lows
* 2nd support: 129.40, 55-weekly MA
* 3rd support: 128.85, 38.2% Fibonacci retracement of gains since April 2017

GBP/USD -- Steep bullish trend channel needs close above
1.4278 (Feb. 1-2 double-top) or risks a deeper correction; 55- DMA key for bulls
* 3rd resistance: 1.4244-45, March 27-26 double-top
* 2nd resistance: 1.4200, March 28 high
* 1st resistance: 1.4096, March 29 high
* Spot: 1.4080
* 1st support: 1.4016, 21-DMA
* 2nd support: 1.3993, 55-DMA
* 3rd support: 1.3890, March 16 low

EUR/GBP -- Bearish signals as 21-DMA now below 55-DMA, Fibo resistance holds
* 3rd resistance: 0.8797-0.8818, 21-, 55-DMAs
* 2nd resistance: 0.8783, 38.2% Fibo retracement of drop since March 7
* 1st resistance: 0.8764, April 3 high
* Spot: 0.8720
* 1st support: 0.8713, April 3 low
* 2nd support: 0.8684, pivot s2
* 3rd support: 0.8668, March 22 and YTD low

AUD/USD -- Remains in firm bearish mode as it consolidates losses
* 3rd resistance: 0.7758-46, March 27 high, 21-DMA
* 2nd resistance: 0.7736, pivot r2
* 1st resistance: 0.7717, Asia session high
* Spot: 0.7700
* 1st support: 0.7650-52, April 2-3 lows
* 2nd support: 0.7638-43, 78.6% Fibonacci retracement of gains since December, March 29 low
* 3rd support: 0.7572, pivot s3

USD/CHF -- Bullish momentum intact as 21-DMA crosses 55-DMA
* 3rd resistance: 0.9668, Jan. 18 high
* 2nd resistance: 0.9638, pivot r2
* 1st resistance: 0.9597, April 3 high
* Spot: 0.9579
* 1st support: 0.9518, midpoint of Wednesday’s rally
* 2nd support: 0.9510, 21-DMA
* 3rd support: 0.9433-34, March 26 low, 55-DMA

Read more:

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