EUR/USD: The pair holds above the former 61.8% retracement level, which had capped at $1.2444, with this level now turning support. The daily stochastic study remains firm, however 10-day momentum is fading as the market corrects back within the daily Bollinger band of $1.2580. Bulls remain focused on the $1.2590 high and 100-DMA at $1.2601, while bears want to look towards the rising channel support line and 21-DMA of $1.2359/76. Initial support and resistance is from a former support line at $1.2467 and the 5-DMA of $1.2520.
RES 4: $1.2719/27 Resistance line 29 Aug, 23.6% of $1.4940-$1.2043
RES 3: $1.2693 High 29 June
RES 2: $1.2666/67 50% of May/Jul decline, Rising implied channel top
RES 1: $1.2601 100-day moving average
LATEST PRICE: $1.2485
SUP 1: $1.2444 Early August high
SUP 2: $1.2376/91 21, 55-day moving average
SUP 3: $1.2359 Support line from 25 July
SUP 4: $1.2242 Low 10 Aug
GBP/USD: Bulls Fade at Fibonacci Level. GBP is correcting back into it’s Bollinger band of $1.5889, with the move accompanied by a downturn in the daily studies. This comes after as test of Fibonacci level at $1.5908. The 5-DMA turns initial resistance at $1.5820 with support from the 100-DMA at $1.5746.
RES 4: $1.6115 Low 7 May
RES 3: $1.6058/62 76.4% retracement, High 2 April
RES 2: $1.5989 Implied Channel top
RES 1: $1.5908/13 61.8% retracement of May/Jun decline, High 23 Aug
LATEST PRICE: $1.5776
SUP 1: $1.5746 100-day moving average
SUP 2: $1.5720 200-day moving average
SUP 3: $1.5698 21-day moving average
SUP 4: $1.5608/37 Support line 12 July, 55-DMA & Low 16 Aug
USD/JPY: Studies Weaken. USD/JPY pulls further away from the Y79.14 Ichimoku cloud as daily studies deliver negative signals. This has bear’s attention on the Y78.05 support line from 1 June.
RES 4: Y79.45/66 100-DMA, High 20 Aug
RES 3: Y79.27 200-day moving average
RES 2: Y79.01/14 55-DMA, Tenkan line, Parameters of Ichimoku cloud
RES 1: Y78.80 Kijun line
LATEST PRICE: Y78.53
SUP 1: Y78.27 Low 22 August
SUP 2: Y78.05/15 Support line from 1 June, 1% Moving average envelope
SUP 3: Y77.90 Bollinger band
SUP 4: Y77.66 Low 1 June
EUR/JPY: Studies Weaken, Tests 55-Day Moving Average. The pair is weakening within the Y97.00/Y98.94 Ichimoku cloud with the 55-day moving average initial support at Y97.92. The daily stochastic study is now showing a bear-cross as 10-day momentum
also fades. Looking at Fibonacci support levels, while Y99.19 remains the high, main levels are at Y97.86, Y97.46/56, Y97.25, Y97.05 (main), Y96.55/65 and also Y96.05.
RES 4: Y100.12/18 100-day moving average, 2% moving average envelope
RES 3: Y99.67 76.4% retracement of July pullback
RES 2: Y99.19/40 High 21 Aug, Bollinger band
RES 1: Y98.94 Ichimoku cloud top
LATEST PRICE: Y98.04
SUP 1: Y97.84/92 Tenkan line, 55-day moving average
SUP 2: Y97.36 21-day moving average
SUP 3: Y97.00 Base of the Ichimoku cloud
SUP 4: Y96.66 Kijun line
EasyForexNews Research Team