EUR/USD: Risks a Fade Ahead of 100-Day Moving Average. The pair holds above the former 61.8% retracement level, which had capped at $1.2444, with this level now turning support, although the daily studies are showing signs of fading. This comes as the 100-day moving average declines to $1.2583 and bulls need to regain this level and Fibonacci level at $1.2666 to stage a further recovery. Bears look towards the rising channel support line and 21-DMA.
RES 4: $1.2705/27 Channel top, 23.6% of $1.4940-$1.2043
RES 3: $1.2693/98 High 29 June, Resistance line 29 Aug
RES 2: $1.2666 50% retracement of May/Jul decline
RES 1: $1.2583 100-day moving average
LATEST PRICE: $1.2517
SUP 1: $1.2444 Early August high
SUP 2: $1.2420 21-day moving average
SUP 3: $1.2388/97 55-day moving average, Support line from 25 July
SUP 4: $1.2242 Low 10 Aug
GBP/USD: Bulls Fade at Fibonacci Level. GBP corrected back into it’s Bollinger band of $1.5900, with the move accompanied by a downturn in the daily studies. This comes after a test of Fibonacci level at $1.5908. Support is from the 100, 21 and 200-DMAs within $1.5724/44.
RES 4: $1.6115 Low 7 May
RES 3: $1.6058/62 76.4% retracement, High 2 April
RES 2: $1.6002 Implied Channel top
RES 1: $1.5908/13 61.8% retracement of May/Jun decline, High 23 Aug
LATEST PRICE: $1.5796
SUP 1: $1.5733/44 21, 100-day moving average
SUP 2: $1.5724 200-day moving average
SUP 3: $1.5652 55-day moving average
SUP 4: $1.5628/37 Support line 12 July, Low 16 Aug
USD/JPY: Studies Remain Soft. USD/JPY pulled away from the Y79.00/14 Ichimoku cloud as daily studies delivered negative signals. This has bear’s attention on the Y78.07 support line from 1 June, while bulls need to recover that Ichimoku cloud.
RES 4: Y79.40/66 100-DMA, High 20 Aug
RES 3: Y79.29 200-day moving average
RES 2: Y79.00/14 55-DMA, Tenkan line, Parameters of Ichimoku cloud
RES 1: Y78.80 Kijun line
LATEST PRICE: Y78.43
SUP 1: Y78.27 Low 22 August
SUP 2: Y78.00/07 Bollinger band, Support line from 1 June
SUP 3: Y77.90 1% Moving average envelope
SUP 4: Y77.66 Low 1 June
EUR/JPY: Studies Soft but Bulls Test Declining Ichimoku Cloud. EUR/JPY sees soft daily studies but bulls are trying to push above the Ichimoku cloud, which is declining to parameters of Y96.82/Y98.44. This comes after bounce off the 55-day moving average, now at Y97.84. 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: Y99.90 100-day moving average
RES 3: Y99.46/67 Bollinger band, 76.4% retracement of July pullback
RES 2: Y99.19 High 21 Aug
RES 1: Y98.44 Ichimoku cloud top
LATEST PRICE: Y98.17
SUP 1: Y97.76/84 21, 55-day moving average
SUP 2: Y97.55 Minor support line
SUP 3: Y96.82/93 Base of the Ichimoku cloud, Kijun line
SUP 4: Y95.76 Low 10 Aug
EasyForexNews Research Team