EUR/USD: Testing 100-Day Moving Average. The pair is testing the 100-day moving average at $1.2578, which is a declining measure. Bulls will look for a break here to test 50% retracement level at $1.2666, although the daily studies are showing some signs of fading, encouraging bears to look for a move back towards the former 61.8% retracement level, which capped early August at $1.2444 and now turning support.
RES 4: $1.2718/27 Channel top, 23.6% of $1.4940-$1.2043
RES 3: $1.2691/93 Resistance line 29 Aug, High 29 June
RES 2: $1.2666 50% retracement of May/Jul decline
RES 1: $1.2638/45 High 31 Aug, Bollinger band
LATEST PRICE: $1.2578
SUP 1: $1.2432/44 21-day moving average, Early August high
SUP 2: $1.2409 Support line from 25 July
SUP 3: $1.2389 55-day moving average
SUP 4: $1.2242 Low 10 Aug
GBP/USD: Bulls Fade at Fibonacci Level. GBP corrected back into it’s Bollinger band of $1.5920, 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 5-DMA at $1.5836 then the 100, 21 and 200-DMAs within $1.5727/48. Looking at Fibonacci support levels, while $1.5913 remains the high, main levels are at $1.5701/14, $1.5686, $1.5632/53/67, $1.5591 (main) and $1.5515.
RES 4: $1.6115 Low 7 May
RES 3: $1.6058/62 76.4% retracement, High 2 April
RES 2: $1.6006 Implied Channel top
RES 1: $1.5908/13 61.8% retracement of May/Jun decline, High 23 Aug
LATEST PRICE: $1.5871
SUP 1: $1.5744/48 100, 21-day moving average
SUP 2: $1.5727 200-day moving average
SUP 3: $1.5658 55-day moving average
SUP 4: $1.5634/37 Support line 12 July, Low 16 Aug
USD/JPY: Studies Remain Soft. USD/JPY pulled away from the Y78.94/79.14 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: Y79.66 High 20 Aug
RES 3: Y79.29/35 200, 100-day moving average
RES 2: Y79.14 Top of Ichimoku cloud
RES 1: Y78.80/96 Kijun line, Tenkan line, 55-DMA, Base of Ichimoku cloud
LATEST PRICE: Y78.29
SUP 1: Y78.19 Low 31 August
SUP 2: Y78.00/07 Bollinger band, Support line from 1 June
SUP 3: Y77.85 1% Moving average envelope
SUP 4: Y77.66 Low 1 June
EUR/JPY: Studies Soft but Bulls Recover Declining Ichimoku Cloud. EUR/JPY still sees softening daily studies but bulls have recovered the declining Ichimoku cloud, the top which turns initial support at Y98.25 ahead of support line and 21/55-DMAs within Y97.68/84. Bulls want to extend the Y99.19 high, but while that remains in place, main Fibonacci levels are at Y97.86, Y97.46/56, Y97.25, Y97.05 (main), Y96.55/65 and also Y96.05.
RES 4: Y101.40 High 29 June
RES 3: Y99.67/76 76.4% of July pullback, 100-day moving average
RES 2: Y99.55 Bollinger band, 1% MAE
RES 1: Y99.03/19 High 31, 21 Aug
LATEST PRICE: Y98.49
SUP 1: Y98.25 Ichimoku cloud top
SUP 2: Y97.68/84 Minor support line, 21, 55-day moving average
SUP 3: Y97.06 Kijun line
SUP 4: Y96.76 Base of the Ichimoku cloud
EasyForexNews Research Team