EUR/USD: Tests 21-Day Moving Average. The pair tested Fibonacci level at $1.2445 before pulling back. The daily stochastic study remains firm, but 10-day momentum is declining and forming a bear-cross as the euro faces the 21-day moving average at $1.2266. While $1.2444 remains the high, there are additional Fibonacci supports at $1.2243/52 and $1.2195. The 5-DMA is initial resistance at $1.2352.
RES 4: $1.2539 76.4% retracement of July pullback
RES 3: $1.2450/78 Bollinger band, 61.8% retracement of $1.2748/1.2042
RES 2: $1.2444/45 High 6 Aug, 61.8% retracement of July pullback
RES 1: $1.2405 55-Day moving average
LATEST PRICE: $1.2291
SUP 1: $1.2266 Low 9 Aug, 21-day moving average
SUP 2: $1.2134 Low 2 Aug
SUP 3: $1.2085 Bollinger band
SUP 4: $1.2042 Low 24 July
GBP/USD: Trades Close to 21-DMA. GBP sees the 55 & 21-DMAs turn support at $1.5581/1.5620 as bulls face moving average and Fibonacci resistance from $1.5716 (200-DMA) to $1.5786 (a 50% retracement of the decline from 30 April to June 1. Studies are mixed, giving little direction, although momentum has fallen sharply as bears test that 21-DMA.
RES 4: $1.5908 61.8% retracement of May/Jun decline
RES 3: $1.5807/10 April lows
RES 2: $1.5768/86 High 27 July, 100-DMA, Bollinger, 50% of May/Jun decl
RES 1: $1.5716 200-day moving average
LATEST PRICE: $1.5625
SUP 1: $1.5581/1.5620 55, 21-day moving average
SUP 2: $1.5477/90 Bollinger band, Low 2 Aug
SUP 3: $1.5459 Low 25 July
SUP 4: $1.5393 Low 12 July
USD/JPY: Remains Below Ichimoku Cloud. USD/JPY holds under the base of the Ichimoku cloud of Y79.51 but a firm stochastic study has bulls focused on initial MA and Ichimoku resistance to Y79.01/17. Initial support is now at Y78.36/50 from the Tenkan line and the 5 & 21-day moving averages, while there are also minor trendlines at Y77.97/78.84.
RES 4: Y79.66/96 Top of Ichimoku cloud, 2% MAE
RES 3: Y79.51 Base Ichimoku cloud
RES 2: Y79.01/18 Kijun line, Bollinger, 55, 200-day moving average
RES 1: Y78.80 High 9 Aug
LATEST PRICE: Y78.60
SUP 1: Y77.66/90 Low 1 June, Bollinger band
SUP 2: Y76.80 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 Stochastic Study Seeks a Base, Momentum Falls. EUR/JPY also sees the daily stochastic study continue to encourage recovery, although 10-day momentum has fallen sharply. Bulls face Fibonacci resistance at Y97.88, while the Kijun line provides
initial resistance, at Y97.24 The 21-day moving average and Tenkan line turn initial support at Y96.28/38.
RES 4: Y99.24 Base of the Ichimoku cloud
RES 3: Y98.50/76 2% MAE, 61.8% of “July” pullback
RES 2: Y98.07 Bollinger band, 55-day moving average
RES 1: Y97.82/88 High 7 Aug, 50% retracement
LATEST PRICE: Y96.64
SUP 1: Y96.28/38 21-day moving average, Tenkan line
SUP 2: Y94.93 Low 2 Aug
SUP 3: Y94.39/60 Bollinger band, 2% MAE
SUP 4: Y94.12 Low 25 July
EasyForexNews Research Team