In my opinion, it shall depend upon the context of the sentence, for example:
Ice feels cold.
I am feeling cold.
2012-11-19 13:50:55 補充：
"Ice feels cold" only when you touch it, otherwise, you don't "FEEL" it. Therefore, the duration of "feel cold" is short and ends soon (once take your hand away), so use "feels cold"
2012-11-19 13:51:43 補充：
"I am feeling cold" is to describe the situation I am in. If I only stay outside for a few second, then "I feel cold", but if I stay outside for a long period of time, then my feeling cold is continuous and on-going, so it is "I am feeling cold".
2012-11-19 23:28:54 補充：
Master Dark Helmat has made a good point. His using "continual" is like habit, you do it everyday. As we know "present tense" can be used to describe a habit, for example,
I get up at 6:00am everyday.
2012-11-19 23:32:12 補充：
As for "continuous", it describes a situation that last for a certain duration without interruption. In the questioned sentence you have. The couple are happy with their expecting child. Such a happiness is not continual, but continuous.
2012-11-19 23:33:46 補充：
With the above said, you can see using "are feeling" is more suitable for the context of the sentence. After all, their happiness can only last for a certain duration, not a habit.
2012-11-20 10:10:53 補充：
Let me borrow Dark Helmet's saying "nuff said". I lose my interest in such an obvious question!
2012-11-20 10:14:32 補充：
master 羅莉! You have fun to yourself!