EUR/USD: Breaks Under 50% of Range. The EUR breaks below 50% of it’s post-launch range, at $1.2135, which may now offer some resistance, as 10-day momentum weakens. Bears will overall, want to get the market talking about the $1.1881 June 2010 lows, but this is as the daily stochastic study continues to recover. The 5-day moving average turns initial resistance at $1.2227.
RES 4: $1.2530 55-day moving average
RES 3: $1.2407 Low 28 June
RES 2: $1.2325/65 High 19 July, 21-day moving average
RES 1: $1.2227 5-day moving average
LATEST PRICE: $1.2116
SUP 1: $1.2050 Bollinger band
SUP 2: $1.2010 Minor Fibonacci level
SUP 3: $1.1980 2% moving average envelope
SUP 4: $1.1881 Low June 2010
GBP/USD: Breaks Under 21-Day Moving Average. GBP breaks under the 21-day moving average, which turns initial resistance at $1.5591 with the 5 & 55-DMAs behind, at $1.5645/56. This turns bear’s attention towards Fibonacci levels at $1.5524/65. 10-day momentum has weakened, although the daily stochastic study remains firm.
RES 4: $1.5802 Spike high 18 June
RES 3: $1.5786/88 50% of May/June decline, 100-DMA
RES 2: $1.5750/55 200-day moving average, Bollinger band,
RES 1: $1.5735 High 19 July
LATEST PRICE: $1.5573
SUP 1: $1.5565 50% of mid-July rally
SUP 2: $1.5524 61.8% retracement
SUP 3: $1.5425 Bollinger band
SUP 4: $1.5389/93 76.4% retracement of June rally, Low 12 July
USD/JPY: Trades Through Base of Ichimoku Cloud. The pair breaks under the base of the Ichimoku cloud and 200-DMA of Y79.04/08 as the daily studies remain weak, keeping bear’s attention on June lows of Y77.66.
RES 4: Y80.11/63 Top of Ichimoku cloud, 100-DMA, High 2 May, 25 June
RES 3: Y79.34/54 21-day moving average, Kijun line
RES 2: Y79.04/08/19 Base of Ichimoku cloud, 200-DMA, Tenkan line
RES 1: Y78.62 5-day moving average
LATEST PRICE: Y78.20
SUP 1: Y77.66 Low 1 June
SUP 2: Y77.39 2% moving average envelope
SUP 3: Y76.32/37 Daily lows Aug 2011
SUP 4: Y76.03/16 Low 1 Feb 2012, 19 Aug, 23 Sep 2011
EUR/JPY: Daily Studies Weak. Euro-yen breaks under Y95.06 support and the June low of Y95.59. The daily studies remain weak but are also in oversold territory.
RES 4: Y98.10/34 21-day moving average, Low 28 June
RES 3: Y96.71 Tenkan line
RES 2: Y96.13 Low 19 June
RES 1: Y95.59 Low 1 June
LATEST PRICE: Y94.72
SUP 1: Y94.63 Hourly low, 2% moving average envelope
SUP 2: Y94.50 Bollinger band
SUP 3: Y94.44 Support line Jan 2009
SUP 4: Y93.69 50% Projection level
EasyForexNews Research Team