EUR/USD: Holds Under 50% of Range. The EUR holds below 50% of it’s post-launch range, at $1.2135, which may now offer some resistance. 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 resistance at $1.2195.
RES 4: $1.2512 55-day moving average
RES 3: $1.2407 Low 28 June
RES 2: $1.2325/45 High 19 July, 21-day moving average
RES 1: $1.2195 5-day moving average
LATEST PRICE: $1.2126
SUP 1: $1.2067 Low 23 July
SUP 2: $1.2010/26 Minor Fibonacci level, Bollinger band
SUP 3: $1.1970 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 $1.5585 with the 5 & 55-DMAs behind, at $1.5607/44. This turns bear’s attention towards the next Fibonacci level at $1.5475. 10-day momentum has weakened as the daily stochastic study also shows signs of stalling.
RES 4: $1.5750 200-day moving average, Bollinger band
RES 3: $1.5735 High 19 July
RES 2: $1.5607/44 5, 55-day moving average
RES 1: $1.5585 21-day moving average
LATEST PRICE: $1.5530
SUP 1: $1.5475/86 76.4% of mid-July rally, Low 23 July
SUP 2: $1.5417 Bollinger band
SUP 3: $1.5389/93 76.4% retracement of June rally, Low 12 July
SUP 4: $1.5269 Low 1 June
USD/JPY: Trades Through Base of Ichimoku Cloud. The pair trades under the base of the Ichimoku cloud and 200-DMA of Y79.09/16 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: Y79.30 21-day moving average, Kijun line
RES 2: Y78.95/79.09/16 Tenkan line, 200-DMA, Base of Ichimoku cloud
RES 1: Y78.50 5-day moving average
LATEST PRICE: Y78.21
SUP 1: Y77.66/98 Low 1 June, 23 July
SUP 2: Y77.28 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 but in Oversold Territory. EUR/JPY breaks under Y95.06 support and the June low of Y95.59. The daily studies remain weak but are also in oversold territory, showing some chances of recovery.
RES 4: Y98.34 Low 28 June
RES 3: Y97.89/94 21-day moving average, Kijun line
RES 2: Y96.06/13 Tenkan line, Low 19 June
RES 1: Y95.59/73 Low 1 June, 5-day moving average
LATEST PRICE: Y94.91
SUP 1: Y94.63/74 Hourly Fibonacci support
SUP 2: Y94.26 Low 23 July
SUP 3: Y94.10 Bollinger band
SUP 4: Y93.69 50% Projection level
EasyForexNews Research Team