EUR/USD: The euro sees mixed daily studies with the stochastic recovering in neutral territory but 10-day momentum fading at the zero line. This comes as the market tests the 5 & 21-DMAs, which should offer support at $1.2550/60 ($1.2550 is also 50% of the 28/29 June rally). Bulls will look for this level to provide support for a test of the June highs at $1.2693 and $1.2748 but break under could turn attention to 61.8% level at $1.2516 and June lows at $1.2407 and $1.2288.
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: $1.2610
SUP 1: $1.2550/60 5, 21-day moving average
SUP 2: $1.2516 61.8% retracement of 28/29 June recovery
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 holds onto gains above the rising 21-DMA of $1.5590 as the daily studies work off weak readings. Trade is well within the Bollinger band, keeping bull’s attention on the 200-DMA and mid-June highs of $1.5753/78. Initial support is from the 5-day moving average of $1.5635
RES 4: $1.5824 100-day moving average
RES 3: $1.5802/06 Spike high 18 June, 55-day moving average
RES 2: $1.5753/78 200-day moving average, Bollinger band, High 20 June
RES 1: $1.5723 High 2 July
LATEST PRICE: $1.5698
SUP 1: $1.5590 21-day moving average
SUP 2: $1.5463/86 61.8% retracement of June rally, Low 28 June
SUP 3: $1.5404/30 Low 8 June, Bollinger band
SUP 4: $1.5322 Low 5 June
USD/JPY: Holds Below Ichimoku Cloud. USD/JPY 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 Y79.45, having marked the top of the Apr/Jun downtrend well.
RES 4: Y81.55/68 Top of the Ichimoku cloud, 61.8% of Y84.16-Y77.66
RES 3: Y80.91/81.36 50% retracement of Y84.16-Y77.66, 2% MAE
RES 2: Y80.61/63 100-day moving average, High 16, 2 May, 25 June
RES 1: Y80.09/23 Base of the Ichimoku cloud, Bollinger
LATEST PRICE: Y79.72
SUP 1: Y79.14/38/45 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: Y78.15 2% MAE
SUP 4: Y77.66 Low 1 June
EUR/JPY: Studies Turn Mixed. The pair still sees a weak daily stochastic study, although momentum is testing positive territory as the market recovers the 21 & 5-day moving averages, which turn initial support with the Tenkan line at Y99.84/98. Main resistance is Fibonacci level at Y101.64, which capped in mid-June.
RES 4: Y102.77 Low 9 May
RES 3: Y101.90/102.08 High 22 May, 2% MAE
RES 2: Y101.63/64/78 High 21 June, 38.2% of Y111.42-Y95.59, 55-DMA
RES 1: Y101.35/40 Bollinger band, High 29 June
LATEST PRICE: Y100.48
SUP 1: Y99.84/98 21, 5-day moving average, Tenkan line
SUP 2: Y98.34/60/66 Low 28 June, Kijun line, Bollinger band
SUP 3: Y98.08 2% MAE
SUP 4: Y97.89 61.8% retracement of June rally
EasyForexNews Research Team