FOREX: Euro on Lower Highs, Lower Lows: Major Support and Resistance 24.04.2018

24.04.2018 / 16:20

Rating:

EUR/USD -- Drop below 1.2215 completes lower highs, lower
lows pattern since late March; lower end of trend channel since
Feb. 16 comes ~1.2040; pivotal 1.2070-90 area may come into play
should 1.2155 support fail to hold
* 3rd resistance: 1.2422-15, March 28 high, trendline since Feb.
16
* 2nd resistance: 1.2314-24, 21-, 55-DMAs
* 1st resistance: 1.2293, April 23 high
* Spot: 1.2215
* 1st support: 1.2155, March 1 low
* 2nd support: 1.2070-90, breakout area
* 3rd support: 1.2032, 23.6% Fibonacci retracement of gains
since Jan. 2017

GBP/USD -- Bearish trend unfolds post bearish engulfing
line; support from 55-DMA fails to holds;
* 3rd resistance: 1.4109, 21-DMA
* 2nd resistance: 1.4091, April 20 high
* 1st resistance: 1.4008, 55-DMA
* Spot: 1.3944
* 1st support: 1.3890, March 16 low
* 2nd support: 1.3854, 78.6% Fibonacci retracement of gains
since March 1
* 3rd support: 1.3712, March 1 low

USD/JPY -- Remains firmly bullish, extends rally within the
cloud; 21-DMA crosses 55-DMA from below; currently at bar 5 of
possible 9 DeMark sell setup series on the weekly chart
* 3rd resistance: 109.65, midpoint of losses since Nov. 6
* 2nd resistance: 109.32, Ichimoku upper cloud
* 1st resistance: 109.09, pivot r3
* Spot: 108.83
* 1st support: 108.18, midpoint of Monday’s gains
* 2nd support: 107.78, April 13 high
* 3rd support: 107.04, 21-DMA

AUD/USD -- Hits fresh year-to-date low; bearish engulfing
line on the weekly as BBDXY rallies
* 3rd resistance: 0.7771, 55-DMA
* 2nd resistance: 0.7705, 21-DMA
* 1st resistance: 0.7683, April 23 high
* Spot: 0.7604
* 1st support: 0.7580, Asia session low
* 2nd support: 0.7546, pivot s3
* 3rd support: 0.7502, Dec. 8 low

Source: Bloomberg Pro Terminal

Trader Velizar Mitov

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FOREX: Euro on Lower Highs, Lower Lows: Major Support and Resistance 24.04.2018

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