EUR/USD: Mixed Daily Studies. The pair is back under the 21 and 5-day moving averages of $1.2230/34 as the daily stochastic study turns weaker but 10-day momentum attempts to recover the zero line. Main nearby support is last week’s $1.2042 low.
RES 4: $1.2426/50/80 55-DMA, 2% MAE, 61.8% retracement
RES 3: $1.2407 Low 28 June
RES 2: $1.2370/90/97, Bollinger, High 27 Jul, 50% of July pullback
RES 1: $1.2230/34 5, 21-day moving average
LATEST PRICE: $1.2176
SUP 1: $1.2134 Low 2 Aug
SUP 2: $1.2090 Bollinger band
SUP 3: $1.2042 Low 24 July
SUP 4: $1.1965 2% moving average envelope
GBP/USD: Pullback Below 21-Day Moving Average. GBP saw a significant weakening in the 10-day momentum study as the market falls below what is now initial resistance from the $1.5582 21-DMA. This turns bear’s attention towards the July lows from $1.5459.
RES 4: $1.5780/86 100-DMA, 50% of May/Jun decline
RES 3: $1.5768 Bollinger, High 30 July
RES 2: $1.5735 200-day moving average
RES 1: $1.5582/90 21, 5, 55-day moving average
LATEST PRICE: $1.5515
SUP 1: $1.5481/90 Minor Fibonacci level, Low 2 Aug
SUP 2: $1.5459 Low 25 July
SUP 3: $1.5393/00 Low 12 July, Bollinger band
SUP 4: $1.5269 Low 1 June
USD/JPY: Remains Below Ichimoku Cloud. USD/JPY holds under the base of the Ichimoku cloud of Y79.30 with initial MA and Ichinoku resistance at Y78.73 and Y79.15. This is keeping bear’s attention on June lows of Y77.66, despite the daily studies turning higher, seeking a base.
RES 4: Y80.10/14 High 5 July, 38.2% retracement level
RES 3: Y79.72/82 Top of Ichimoku cloud, Bollinger band, 2% MAE
RES 2: Y79.01/30 Kijun line, 200, 55-DMA, Base Ichimoku cloud
RES 1: Y78.73 21-day moving average
LATEST PRICE: Y78.20
SUP 1: Y77.66 Low 1 June, Bollinger band
SUP 2: Y76.65 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 as the market slips back under the Tenkan line of Y95.74. The 21-DMA is providing a stalling point for bulls, now at Y96.32, while there is a resistance line at Y97.65. Bears are focused on the Y94.12 low.
RES 4: Y98.17 Bollinger band
RES 3: Y97.33/76 High 27 July, Kijun line, 2% MAE, 50% of July pullback
RES 2: Y96.32 21-day moving average
RES 1: Y95.68/74 5-DMA, Tenkan line
LATEST PRICE: Y95.22
SUP 1: Y94.93 Low 2 Aug
SUP 2: Y94.22 Bollinger band
SUP 3: Y94.12 Low 25 July
SUP 4: Y93.69 50% Projection level
EasyForexNews Research Team