EUR/USD: Daily Studies Attempt Recovery. The pair recovers the 5-DMA at $1.2180 to test the 21-day moving average, which declines to $1.2310. This is amid a recovering daily stochastic study, helping bulls to focus on a 50% retracement of the July pullback, at $1.2397.
RES 4: $1.2480 61.8% of July pullback, 55-day moving average
RES 3: $1.2397/1.2407 50% of July pullback. Low 28 June
RES 2: $1.2330 High 26 July
RES 1: $1.2310 21-day moving average
LATEST PRICE: $1.2288
SUP 1: $1.2180 5-day moving average
SUP 2: $1.2042 Low 24 July
SUP 3: $1.2010 Minor Fibonacci level, Bollinger band
SUP 4: $1.1965 2% moving average envelope
GBP/USD: Recovers 21-Day Moving Average. GBP makes an impressive recovery of the 21-day moving average, which turns support at $1.5590, turning bull’s attention to the $1.5735/46 high and 200-day moving average. However, the daily studies do not support the recovery, sending a warning to the bulls.
RES 4: $1.5807 Low 5 April
RES 3: $1.5786 100-day moving average, 50% of May/Jun decline
RES 2: $1.5746/60 200-day moving average, Bollinger band
RES 1: $1.5724/35 High 26, 19 July
LATEST PRICE: $1.5472
SUP 1: $1.5575/90 5, 21-day moving average
SUP 2: $1.5459 Low 25 July
SUP 3: $1.5410 Bollinger band
SUP 4: $1.5393 Low 12 July
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 Y79.10/15, keeping bear’s attention on June lows of Y77.66.
RES 4: Y79.75 Top of Ichimoku cloud
RES 3: Y79.10/15/30, 21, 200, 55-DMA, Base Ichimoku cloud, Kijun line
RES 2: Y78.65 Tenkan line
RES 1: Y78.35 5-day moving average
LATEST PRICE: Y78.25
SUP 1: Y77.66/98 Low 1 June, 23 July
SUP 2: Y76.90 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 Still in Oversold Territory. EUR/JPY sees the daily studies attempt a recovery from oversold territory as the market overtakes the Tenkan line of Y95.76 and bulls turn their attention to Fibonacci levels from Y96.91.
RES 4: Y97.76/88 50% retracement, Kijun line
RES 3: Y97.36 21-day moving average
RES 2: Y96.91 38.2% retracement of July pullback
RES 1: Y96.43 High 26 July
LATEST PRICE: Y96.14
SUP 1: Y95.76 Tenkan line
SUP 2: Y95.30 5-day moving average
SUP 3: Y94.12 Low 25 July
SUP 4: Y93.69 50% Projection level
EasyForexNews Research Team