EUR/USD: Daily Studies Attempt Recovery. The pair holds close to the 5-DMA and 50% of it’s post-launch range, which combine at $1.2135. Initial resistance comes from July highs/lows in the $1.2162/70 area ahead of better resistance from the 21-DMA at $1.2310. Daily studies are attempting a recovery, but the overall downtrend remains dominant for now, with bears attempting to turn attention to the $1.1881 June 2010 lows.
RES 4: $1.2480/82 61.8% of July pullback, 55-day moving average
RES 3: $1.2397/1.2407 50% of July pullback Low 28 June
RES 2: $1.2310/25 21-DMA, 38.2% of July pullback, High 19 July
RES 1: $1.2162/70 Congestion area
LATEST PRICE: $1.2135
SUP 1: $1.2042 Low 24 July
SUP 2: $1.2010 Minor Fibonacci level
SUP 3: $1.1950/75 2% moving average envelope, Bollinger band
SUP 4: $1.1881 Low June 2010
GBP/USD: Bear-Cross. GBP sees a bear-cross in the 5 & 21-day moving averages, which form resistance at $1.5522 and $1.5578 following recent negative cross for the daily stochastic study. Bears are focused on the $1.5393 mid-July low, while bulls need to regain those 5 & 21 DMAs.
RES 4: $1.5746/50 200-day moving average, Bollinger band
RES 3: $1.5735 High 19 July
RES 2: $1.5620 55-day moving average
RES 1: $1.5522/73 5, 21-day moving average
LATEST PRICE: $1.5472
SUP 1: $1.5459 Low 25 July
SUP 2: $1.5402 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: Studies Remain Weak. USD/JPY studies remain weak, although in oversold territory, as trade holds under the base of the Ichimoku cloud and 200-DMA of Y79.10/16, keeping bear’s attention on June lows of Y77.66.
RES 4: Y79.76 Top of Ichimoku cloud
RES 3: Y79.10/15/30, 200, 21, 55-DMA, Base Ichimoku cloud, Kijun line
RES 2: Y78.69 Tenkan line
RES 1: Y78.30 5-day moving average
LATEST PRICE: Y78.14
SUP 1: Y77.66/98 Low 1 June, 23 July
SUP 2: Y77.00 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 holds under the June low of Y95.59. The daily studies remain weak but are also in oversold territory, showing some risks to the overall bear-trend.
RES 4: Y97.43/88 21-day moving average, Kijun line
RES 3: Y96.13 Low 19 June
RES 2: Y95.59/76 Low 1 June, Tenkan line
RES 1: Y95.20/35 High 25 July, Minor channel top
LATEST PRICE: Y94.87
SUP 1: Y94.12 Low 25 July
SUP 2: Y93.69/90 50% Projection level, 2% MAE
SUP 3: Y93.39 Bollinger band
SUP 4: Y92.83 Minor declining channel base
EasyForexNews Research Team