EUR/USD: Focus on Fibonacci Level, 21-DMA. The daily stochastic study formed a bear-cross in EUR/USD, while 10-day momentum is flirting with the zero line, keeping bear’s attention on the 21-DMA, which rises to $1.2287. Main resistance is Fibonacci level at $1.2445, but while $1.2444 remains the high, there are additional Fibonacci supports at $1.2243 and $1.2195. There are also minor upside trendlines at $1.2460 and $1.2500.
RES 4: $1.2539 76.4% retracement of July pullback
RES 3: $1.2465/78 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: $1.2395 55-Day moving average
LATEST PRICE: $1.2332
SUP 1: $1.2287 21-day moving average
SUP 2: $1.2242 Low 10 Aug
SUP 3: $1.2128/34 Bollinger band, Low 2 Aug
SUP 4: $1.2042 Low 24 July
GBP/USD: Tests 200-DMA. GBP is struggling to sustain break over the 200-day moving average of $1.5717, despite mild support from the daily stochastic study and from the 55 & 21-DMAs $1.5604/35. Bulls also face the $1.5750 100-DMA and Fibonacci resistance at $1.5786. It is also worth looking at 10-day momentum, which is fading back towards the zero line, as GBP has also failed at the 200-DMA in both June and July.
RES 4: $1.5908 61.8% retracement of May/Jun decline
RES 3: $1.5807/10 April lows
RES 2: $1.5750/68/86 100-DMA, High 27 July, 50% of May/Jun decline
RES 1: $1.5745 High 16 Aug
LATEST PRICE: $1.5692
SUP 1: $1.5604/38 55, 21-day moving average
SUP 2: $1.5570 Support line 12 July
SUP 3: $1.5490 Bollinger band, Low 2 Aug
SUP 4: $1.5459 Low 25 July
USD/JPY: Stochastic Study Remains Firm. The pair continues to see a firm stochastic study and now firm momentum as bulls push over the 200-DMA of Y79.22 as well as into the Ichimoku cloud of Y79.14/60. However, the move is also pushing out of the Bollinger band of Y79.45, sending a warning to bulls. Support also comes from MA & Ichimoku studies within Y78.55/87, while behind the 100-DMA of Y79.66 highs & Fibonacci level sit between Y79.91 and Y80.09.
RES 4: Y80.61/91 High 25 Jun, 80.91 50% of Mar/June decline
RES 3: Y80.41 2% moving average envelope
RES 2: Y79.91/98/80.09 High 12 Jul, 76.4% of 25 June decline, High 5 Jul
RES 1: Y79.60/65 Top of Ichimoku cloud, 1%MAE, 100-day moving average
LATEST PRICE: Y79.54
SUP 1: Y79.14/22 Base of Ichimoku cloud, 200, 5-day moving average
SUP 2: Y78.55/87 21-DMA, Kijun & Tenkan lines
SUP 3: Y78.01/05 Support line from 1 June, 1% Moving average envelope
SUP 4: Y77.66/67 Low 1 June, Bollinger band
EUR/JPY: Approaches Ichimoku Cloud. EUR/JPY sees the daily studies start to fade as the market approaches Fibonacci level and the base of the Ichimoku cloud at Y98.76/81. Initial support comes from the 5-DMA of Y97.65 and Tenkan line of Y97.08.
RES 4: Y99.14 2% moving average envelope
RES 3: Y98.76/81 61.8% of “July” pullback, Base of the Ichimoku cloud
RES 2: Y98.62 Bollinger band
RES 1: Y98.40 High 17 Aug
LATEST PRICE: Y98.03
SUP 1: Y97.65 5-day moving average
SUP 2: Y97.08 Tenkan line
SUP 3: Y96.27/51 Kijun line, 21-day moving average
SUP 4: Y95.72 Low 10 Aug
EasyForexNews Research Team