EUR/USD: Slips Under 5 & 21-DMAs. The EURO sees mixed daily studies with the stochastic recovering in neutral territory but 10-day momentum fading at the zero line as the market slips under the 5 & 21-DMAs, which now offer initial resistance at $1.2561/81. Bulls need to recover this level, while bears now have their eyes on 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: $1.2693/2710 High 29 June, Daily Bollinger band top
RES 1: $1.2561/81 21, 5-day moving average
LATEST PRICE: $1.2530
SUP 1: $1.2508 Low 4 July
SUP 2: $1.2407/17 Low 28 June, Bollinger band
SUP 3: $1.2398 76.4% of June rally
SUP 4: $1.2288 Low 1 June
GBP/USD: Slips Under 21-DMA. GBP slips under the rising 21-DMA of $1.5608 but this comes as the daily studies start to work off weak readings. Bears will now focus on Fibonacci level and 28 June low at $1.5463/86, while bulls need to recover that 21-DMA.
RES 4: $1.5753/78 200-day moving average, Bollinger band, High 20 June
RES 3: $1.5723 High 2 July
RES 2: $1.5655 5-day moving average
RES 1: $1.5605 21-day moving average
LATEST PRICE: $1.5594
SUP 1: $1.5574 Low 4 July
SUP 2: $1.5463/86 61.8% retracement of June rally, Low 28 June
SUP 3: $1.5450 Bollinger band
SUP 4: $1.5304 Interim low 8 June
USD/JPY: Tests Declining Ichimoku Cloud. USD/JPY is testing the base of the Ichimoku cloud, which declines to meet the Tenkan line at Y79.89. The daily studies remain quite neutral and bulls really need to overtake the Y80.63 high to re-establish themselves. While that high remains in place, Fibonacci levels include Y79.38 and Y78.79. The 21-DMA may also prove important support, at Y79.55, having marked the top of the Apr/Jun downtrend well.
RES 4: Y81.50/68 Top of the Ichimoku cloud, 61.8% of Y84.16-Y77.66
RES 3: Y80.91/81.35 50% retracement of Y84.16-Y77.66, 2% MAE
RES 2: Y80.63 100-day moving average, High 2 May, 25 June
RES 1: Y80.30 Bollinger band
LATEST PRICE: Y79.83
SUP 1: Y79.14/38/55 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 now sees a recovering daily stochastic study, although 10-day momentum remains below the zero line as the market recovers the 21-day moving average, which turns initial support with the Tenkan line at Y99.87/96. Main resistance is Fibonacci level at Y101.64, which capped in mid-June.
RES 4: Y102.77 Low 9 May
RES 3: Y101.90/99 High 22 May, 2% MAE
RES 2: Y101.53/63/64 55-DMA, High 21 June, 38.2% of Y111.42-Y95.59
RES 1: Y101.34/40 Base of the Ichimoku cloud, Bollinger, High 29 June
LATEST PRICE: Y99.96
SUP 1: Y99.87/96 Tenkan line, 21-day moving average
SUP 2: Y98.34/60/67 Low 28 June, Kijun line, Bollinger band
SUP 3: Y98.00 2% MAE
SUP 4: Y97.89 61.8% retracement of June rally
EasyForexNews Research Team