EUR/USD: Still Testing Bollinger Band. EURO is still testing the base of the daily Bollinger band, which is now at $1.2280, suggesting the market has declined too fast in the spike lower to $1.2235 seen early Monday. However, studies remain weak and bears will focus on previous lows at $1.2151 and 50% retracement level at $1.2135. The 5-DMA turns initial resistance, at $1.2361.
RES 4: $1.2693 High 29 June
RES 3: $1.2523 21-day moving average
RES 2: $1.2407 Low 28 June
RES 1: $1.2361 5-day moving average
LATEST PRICE: $1.2286
SUP 1: $1.2235 Spike low 9 July
SUP 2: $1.2151 Low 29 June 2010
SUP 3: $1.2135 50% of euro range
SUP 4: $1.1881 Low June 2010
GBP/USD: Tests Fibonacci Support. GBP tested a 61.8% retracement of the June rally at $1.5463 as studies remain weak. Trade remains within the Bollinger band of $1.5444 and bulls need to regain the 21-day moving average of $1.5603 to re-establish themselves.
RES 4: $1.5752/78 200-day moving average, Bollinger band, High 20 June
RES 3: $1.5723 High 2 July
RES 2: $1.5603 21-day moving average
RES 1: $1.5526 5-day moving average
LATEST PRICE: $1.5504
SUP 1: $1.5462/63 Low 6 July, 61.8% retracement of June rally
SUP 2: $1.5444 Bollinger band
SUP 3: $1.5389 76.4% retracement of June rally
SUP 4: $1.5304 Interim low 8 June
USD/JPY: 21-DMA Under Pressure. USD/JPY is trading within the falling Y79.00/80.52 Ichimoku cloud and now pushing under the 21-day moving average of Y79.59, which could be an important move, if sustained, as the 21-DMA marked the top of the Apr/Jun downtrend well. Initial resistance is at the 5-day moving average of Y79.71 and the 5 July high, at Y80.10.
RES 4: Y81.68 61.8% of Y84.16-Y77.66
RES 3: Y80.91/81.28 50% of Y84.16-Y77.66, 2% MAE
RES 2: Y80.52/63 Top of Ichimoku cloud, 100-DMA, High 2 May, 25 June
RES 1: Y80.31 Bollinger band
LATEST PRICE: Y79.51
SUP 1: Y79.30/38 Kijun line, 61.8% of 15 June rally
SUP 2: Y79.00/08 200-DMA & base of Ichimoku cloud, Low 29 June
SUP 3: Y78.62/79/87 Low 15 June, 61.8% of June rally, Bollinger band
SUP 4: Y78.08 2% MAE
EUR/JPY: Trades Outside Bollinger Band. The pair slipped outside of the Bollinger band but is trying to regain this level (Y97.65). Bears seek to extend the Y97.50 low towards the 76.4% retracement level at Y97.01, while initial resistance is the 5-DMA at Y98.54 and the Kijun & Tenkan lines at Y99.21/44.
RES 4: Y101.00 55-day moving average
RES 3: Y99.70/80 21-day moving average, Base of the Ichimoku cloud
RES 2: Y99.21/44 Kijun line, Tenkan line
RES 1: Y98.34/54 Low 28 June, 5-day moving average
LATEST PRICE: Y97.69
SUP 1: Y97.50 Low 9 July
SUP 2: Y97.23 2% MAE
SUP 3: Y97.01 76.4% retracement of June rally
SUP 4: Y95.59 Low 1 June
EasyForexNews Research Team