EUR/USD: Studies Remain Weak. The EUR is still under pressure amid weak daily studies and trade remains within the falling Bollinger band of $1.2145, allowing more room for bears to extend the $1.2168 low. Bears focus on previous lows at $1.2151 and 50% retracement level at $1.2135 with a break there exposing the $1.1881 lows. The 5-DMA turns initial resistance, at $1.2245.
RES 4: $1.2693 High 29 June
RES 3: $1.2471 21-day moving average
RES 2: $1.2407 Low 28 June
RES 1: $1.2245 5-day moving average
LATEST PRICE: $1.2207
SUP 1: $1.2168 Low 12 July
SUP 2: $1.2145/51 Bollinger band, Low 29 June 2010
SUP 3: $1.2135 50% of euro range
SUP 4: $1.1881 Low June 2010
GBP/USD: Tests Fibonacci Support. The pair breaks below the 61.8% retracement of the June rally at $1.5463 to test the 76.4% retracement at $1.5389 as studies remain weak. This keeps bear’s attention on June lows, while bulls really need to regain the 21-day moving average of $1.5291 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: $1.5591 21-day moving average
RES 1: $1.5482 5-day moving average
LATEST PRICE: $1.5514
SUP 1: $1.5405 Bollinger band
SUP 2: $1.5389/93 76.4% retracement of June rally, Low 12 July
SUP 3: $1.5304 Interim low 8 June
SUP 4: $1.5269 Low 1 June
USD/JPY: Focus Remains on Break of 21-DMA. USD/JPY is trading within the falling Y78.91/Y80.48 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 Y79.03.
RES 4: Y80.91 50% retracement of Y84.16-Y77.66
RES 3: Y80.48/63 Top of Ichimoku cloud, 100-DMA, High 2 May, 25 June
RES 2: Y80.30 Bollinger band
RES 1: Y79.47/62 5 & 21-day moving average, Kijun & Tenkan line
LATEST PRICE: Y79.28
SUP 1: Y79.03/08 200-day moving average, Low 29 June
SUP 2: Y78.85/91 Bollinger band, Base of Ichimoku cloud
SUP 3: Y78.62/79 Low 15 June, 61.8% of June rally
SUP 4: Y78.02 2% MAE
EUR/JPY: Testing Bollinger Band. EUR/JPY trades within the falling Bollinger band base of Y96.30 with weak studies allowing for bears to seek the June low of Y95.59, while initial resistance is the 5-DMA at Y97.30.
RES 4: Y99.02/26/47 Kijun line, 21-DMA, Base of the Ichimoku cloud
RES 3: Y98.86 Tenkan line
RES 2: Y98.34 Low 28 June
RES 1: Y97.30 5-day moving average
LATEST PRICE: Y96.78
SUP 1: Y96.42 Low 12 June
SUP 2: Y96.30 2% MAE, Bollinger band
SUP 3: Y95.59 Low 1 June
SUP 4: Y95.15 Support line from 16 Jan
EasyForexNews Research Team