EUR/USD: Recovers 21-Day Moving Average, Fibonacci Level. The euro makes a sharp recovery over the $1.2500 5-DMA and $1.2545 21-DMA to test a 61.8% retracement of the pullback from 18 June, at $1.2618. Break over there leaves bulls open to test $1.2700, although the daily studies show bear-divergence, so there are warnings that the recovery may fail.
RES 4: $1.2786 50.0% retracement of $1.3284 to $1.2288
RES 3: $1.2748 High 18 June
RES 2: $1.2700 Daily Bollinger band top
RES 1: $1.2618/28 61.8% of the decline from 18 June, Hourly high
LATEST PRICE: $1.2590
SUP 1: $1.2545 21-day moving average
SUP 2: $1.2500 5-day moving average
SUP 3: $1.2398/2407 76.4% of June rally, Bollinger band, Low 28 June
SUP 4: $1.2288 Low 1 June
GBP/USD: Pushes Back Above 21-DMA. GBP also recovers the 21 & 5-DMAs, which turn support at $1.5556/83, although this also comes with bear-divergence in the daily studies as the bulls test a 50% retracement of the 20 June pullback at $1.5632. The 61.8% retracement is at $1.5666.
RES 4: $1.5813/23 55, 100-day moving average
RES 3: $1.5802 Spike high 18 June
RES 2: $1.5751/78 200-day moving average, Bollinger band, High 20 June
RES 1: $1.5679 Minor resistance line from 30 April
LATEST PRICE: $1.5618
SUP 1: $1.5556/83 21, 5-day moving average
SUP 2: $1.5463/86 61.8% retracement of June rally, Low 28 June
SUP 3: $1.5404 Low 8 June
SUP 4: $1.5322/70 Low 5 June, Bollinger band
USD/JPY: Holds Below Ichimoku Cloud. The pair slips back below the base of the Ichimoku cloud of Y80.09 and below the Y79.71/80 Tenkan line and 55-DMA, which offer initial resistance. The daily studies remain quite neutral but while Y80.63 remains the high, Fibonacci levels include Y78.79. The 21-DMA may also prove important support, at Y79.33, having marked the top of the Apr/Jun downtrend well.
RES 4: Y81.60/68 Top of the Ichimoku cloud, 61.8% of Y84.16-Y77.66
RES 3: Y80.91/81.20 50% retracement of Y84.16-Y77.66, 2% MAE
RES 2: Y80.57/63 100-day moving average, High 16, 2 May, 25 June
RES 1: Y80.09/40 Base of the Ichimoku cloud, 1% MAE, Bollinger
LATEST PRICE: Y79.34
SUP 1: Y79.14/33/38 Kijun line, 21-DMA, 61.8% of 15 June rally
SUP 2: Y78.62/79 Low 15 June, 1% MAE, 61.8% of June rally
SUP 3: Y78.50 Base of Bollinger band
SUP 4: Y77.66/00 Low 1 June, 2% MAE
EUR/JPY: Studies Remain Weak. EUR/JPY also sees a weak daily stochastic study encouraging caution as the market recovers the 21 % 5-day moving average at Y99.50, testing the Tenkan line at Y99.99. The 61.8% retracement level for the cross is at Y100.37 ahead of bigger Fibonacci level at Y101.64, which capped last week. The 1% MAE is also at Y100.90.
RES 4: Y102.77 Low 9 May
RES 3: Y101.90 High 22 May, 2% MAE
RES 2: Y101.63/64 High 21 June, 38.2% of Y111.42-Y95.59
RES 1: Y101.37 Bollinger band
LATEST PRICE: Y99.81
SUP 1: Y99.50 5, 21-day moving average
SUP 2: Y98.34/60 Low 28 June, Kijun line
SUP 3: Y98.08 Bollinger band
SUP 4: Y97.89 61.8% retracement of June rally, 2% MAE
EasyForexNews Research Team