EUR/USD: Bulls Focus on Mid-June High. The EUR makes a sharp recovery over the 5 & 21-DMAs, which turn initial support at $1.2535/58 to reach a $1.2693 high. Trade remains within the Bollinger band as the studies move to a more neutral stance, allowing bulls to focus on the mid-June highs while above the 21-DMA.
RES 4: $1.2786 50.0% retracement of $1.3284 to $1.2288
RES 3: $1.2748 High 18 June
RES 2: $1.2715 Daily Bollinger band top
RES 1: $1.2693 High 29 June
LATEST PRICE: $1.2625
SUP 1: $1.2558 21-day moving average
SUP 2: $1.2535 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: Extends Above 21-DMA. GBP also extends above the 21 & 5-DMAs as the daily studies work off weak readings. Trade is well within the Bollinger band, turning bull’s attention to the 200-DMA and mid-June highs of $1.5752/78. Initial support is from the 5-day moving average of $1.5620
ahead of the $1.5574 21-DMA.
RES 4: $1.5810/23 55, 100-day moving average
RES 3: $1.5802 Spike high 18 June
RES 2: $1.5752/78 200-day moving average, Bollinger band, High 20 June
RES 1: $1.5718 High 29 June
LATEST PRICE: $1.5666
SUP 1: $1.5574 21-day moving average
SUP 2: $1.5463/86 61.8% retracement of June rally, Low 28 June
SUP 3: $1.5390/1.5404 Bollinger band, Low 8 June
SUP 4: $1.5322 Low 5 June
USD/JPY: Holds Below Ichimoku Cloud. The pair holds below the base of the Ichimoku cloud of Y80.09. 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 Y79.44, 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: Y80.91/81.32 50% retracement of Y84.16-Y77.66, 2% MAE
RES 2: Y80.60/63 100-day moving average, High 16, 2 May, 25 June
RES 1: Y80.09/27 Base of the Ichimoku cloud, Bollinger
LATEST PRICE: Y79.76
SUP 1: Y79.14/38/44 Kijun line, 61.8% of 15 June rally, 21-DMA
SUP 2: Y78.62/79 Low 15 June, Bollinger, 61.8% of June rally
SUP 3: Y78.10 2% MAE
SUP 4: Y77.66 Low 1 June
EUR/JPY: Studies Turn Mixed. EUR/JPY still sees a weak daily stochastic study, although momentum is back in positive territory as the market recovers the 21 & 5-day moving averages at Y99.75/88. The 61.8% retracement level for the cross is at Y100.37 ahead of bigger Fibonacci level at Y101.64, which capped last week.
RES 4: Y102.77 Low 9 May
RES 3: Y101.90/102.14 High 22 May, 55-DMA, 2% MAE
RES 2: Y101.63/64 High 21 June, 38.2% of Y111.42-Y95.59
RES 1: Y101.40/52 High 29 June, Bollinger band
LATEST PRICE: Y100.68
SUP 1: Y99.75/88/99 21, 5-day moving average, Tenkan line
SUP 2: Y98.34/60 Low 28 June, Bollinger band, Kijun line
SUP 3: Y98.13 2% MAE
SUP 4: Y97.89 61.8% retracement of June rally
EasyForexNews Research Team