EUR/USD: Studies Remain Weak. The EUR is still under pressure amid weak daily studies but trade is back within the falling Bollinger band of $1.2185, allowing more room for bears to extend the $1.2212 low. Bears focus on previous lows at $1.2151 and 50% retracement level at $1.2135. The 5-DMA turns initial resistance, at $1.2266.
RES 4: $1.2693 High 29 June
RES 3: $1.2495 21-day moving average
RES 2: $1.2407 Low 28 June
RES 1: $1.2266 5-day moving average
LATEST PRICE: $1.2258
SUP 1: $1.2212 Low 11 July
SUP 2: $1.2185 Bollinger band
SUP 3: $1.2135/51 50% of euro range, Low 29 June 2010
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 $1.5440, keeping bear’s attention on June lows, while bulls need to regain the 21-day moving average of $1.5601 to re-establish themselves.
RES 4: $1.5753/78 200-day moving average, Bollinger band, High 20 June
RES 3: $1.5723 High 2 July
RES 2: $1.5601 21-day moving average
RES 1: $1.5510 5-day moving average
LATEST PRICE: $1.5514
SUP 1: $1.5462/63 Low 6 July, 61.8% retracement of June rally
SUP 2: $1.5440 Bollinger band
SUP 3: $1.5389 76.4% retracement of June rally
SUP 4: $1.5304 Interim low 8 June
USD/JPY: Focus Remains on 21-DMA. The pair is trading within the falling Y78.90/Y80.52 Ichimoku cloud and now pushing under the 21-day moving average of Y79.60, which could be an important move, if sustained, as the 21-DMA marked the top of the Apr/Jun downtrend well. Bears now look at the base of the cloud and 200-DMA of Y79.02
RES 4: Y80.91 50% retracement of Y84.16-Y77.66
RES 3: Y80.52/63 Top of Ichimoku cloud, 100-DMA, High 2 May, 25 June
RES 2: Y80.32 Bollinger band
RES 1: Y79.60/62 5 & 21-day moving average, Kijun & Tenkan line
LATEST PRICE: Y79.49
SUP 1: Y79.02/08 200-day moving average, Low 29 June
SUP 2: Y78.85/90 Bollinger band, Base of Ichimoku cloud
SUP 3: Y78.62/79 Low 15 June, 61.8% of June rally
SUP 4: Y78.05 2% MAE
EUR/JPY: Testing Bollinger Band. EUR/JPY trades within the Bollinger band base of Y96.85 with weak studies allowing for bears to seek a sustained break of the 76.4% retracement level at Y97.01, while initial resistance is the 5-DMA at Y97.75 and Y98.34 June 18 low.
RES 4: Y99.45/55 21-day moving average, Base of the Ichimoku cloud
RES 3: Y99.20/32 Kijun line, Tenkan line
RES 2: Y98.34 Low 28 June
RES 1: Y97.75 5-day moving average
LATEST PRICE: Y97.31
SUP 1: Y97.01 76.4% retracement of June rally
SUP 2: Y96.85 2% MAE, Bollinger band
SUP 3: Y95.59 Low 1 June
SUP 4: Y95.16 Support line from 16 Jan
EasyForexNews Research Team