EUR/USD: Recovers 21-Day Moving Average. The euro recovers the 21-day moving average of $1.2264, which turns support and makes a bull-cross with the 5-DMA at $1.2290 as the daily stochastic study continues to recover. However, bulls are struggling to build on these studies as 10-day momentum fades, trying to turn attention to Fibonacci retracements of the July pullback at $1.2397
and $1.2480. Main nearby support is last week’s $1.2042 low.
RES 4: $1.2480 61.8% retracement of July pullback
RES 3: $1.2448/60 55-day moving average, 2% MAE
RES 2: $1.2402/07 Bollinger band, Low 28 June
RES 1: $1.2390/97 High 27 July, 50% of July pullback
LATEST PRICE: $1.2292
SUP 1: $1.2264/90 21, 5-day moving average
SUP 2: $1.2042 Low 24 July
SUP 3: $1.2010 Bollinger band
SUP 4: $1.1970 2% moving average envelope
GBP/USD: Pullback From 200-Day Moving Average. GBP still sees neutral daily studies as the market pulls back from the 200-DMA, now at $1.5741. Near-term Fibonacci levels include $1.5613 and $1.5577 but main support may be the 21-DMA of $1.5592. The 5-DMA turns initial resistance at $1.5696.
RES 4: $1.5908 61.8% retracement of May/Jun decline
RES 3: $1.5807 Low 5 April
RES 2: $1.5780/86 Bollinger band, 100-DMA, 50% of May/Jun decline
RES 1: $1.5741/68 200-day moving average, High 30 July
LATEST PRICE: $1.5663
SUP 1: $1.5613/25 50% level, Low 31 July
SUP 2: $1.5592/00 21, 55-day moving average
SUP 3: $1.5459 Low 25 July
SUP 4: $1.5393/08 Low 12 July, Bollinger band
USD/JPY: Remains Weak Below Ichimoku Cloud. USD/JPY holds under the base of the Ichimoku cloud of Y79.38 with initial MA and Ichinoku resistance at Y78.40/87 and Y79.04/18. This is keeping bear’s attention on June lows of Y77.66, despite the daily studies seeking a base.
RES 4: Y80.10/14 High 5 July, 38.2% retracement level
RES 3: Y79.72/97 Top of Ichimoku cloud, 2% MAE, Bollinger band
RES 2: Y79.04/38 Kijun line, 200, 55-DMA, Base Ichimoku cloud
RES 1: Y78.40/87 Tenkan line, 21-day moving average
LATEST PRICE: Y78.02
SUP 1: Y77.66 Low 1 June, Bollinger band
SUP 2: Y76.70 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 Seek Base. EUR/JPY also sees the daily studies attempt a recovery from oversold territory as the market overtakes the Tenkan line of Y95.74 and bulls turn their attention to Fibonacci levels from Y97.76. The 21-DMA is providing a stalling point, however, now at Y96.73.
RES 4: Y99.45/67 38.2% level, Ichimoku cloud base, 76.4% retracement
RES 3: Y98.36/61 Low 28 June, 55-DMA , 61.8% of July pullback
RES 2: Y97.33/76 High 27 July, Kijun line, 50% of July pullback
RES 1: Y96.73 21-day moving average
LATEST PRICE: Y95.92
SUP 1: Y95.74 Tenkan line
SUP 2: Y94.12 Low 25 July
SUP 3: Y93.80/99 2% MAE, Bollinger band
SUP 4: Y93.69 50% Projection level
EasyForexNews Research Team