EUR/USD: Long Term Falling Trend Line Capping. The move towards 2012 highs continues with EUR/USD pausing ahead of the long term falling daily trend line off 2011 highs from May 4 coming in around $1.3180 to start the week. With the pair having ended last week above the sharply rising 21 day upper Bolli band ($1.3096) we are seeing consolidation to start the new week as the upper
Bolli band catches up. Daily tech studies still in overbought territory.
RES 4: $1.3485 – 2012 High Feb 29
RES 3: $1.3385 – High Mar 27
RES 2: $1.3284 – Monthly high May 1
RES 1: $1.3180 – Falling LT daily trend line off May 4 2011 highs
LATEST PRICE: $1.3127
SUP 1: $1.3020 – Hourly support Sept 14
SUP 2: $1.2873 – Low Sept 13
SUP 3: $1.2827 – 200 day moving average
SUP 4: $1.2761 – Hourly support Sept 11
GBP/USD: $1.6082 Remains Key Support This Week. Friday’s high came within 50pips of retesting the 2012 highs and pressure is expected to remain topside with a close below the $1.6082 support needed to relieve this pressure and threaten a deeper correction that retests the 200-DMA ($1.5747). Oscillation around the rising 21 day upper Bollinger is also expected to continue, but the threat of a pullback remains with tech studies in overbought territory.
RES 4: $1.6616 – High Aug 19 2012
RES 3: $1.6451 – High Aug 29 2012
RES 2: $1.6302 – 2012 high April 30
RES 1: $1.6254 – High Sept 14
LATEST PRICE: $1.6222
SUP 1: $1.6144 – Low Sept 14
SUP 2: $1.6082 – Hourly support Sept 12
SUP 3: $1.5962 – Low Sept 10
SUP 4: $1.5924 – Low Sept 7
USD/JPY: Y79.01-31 Resistance Region Key. The push through Friday’s highs to start the new week has paused right on the 21-DMA but the Y79.01-31 region remains key this week with a double daily top, the 100-DMA, falling daily trend line and 200-DMA (Y79.31) all found in this region. A close above is needed to shift focus back to the June monthly highs initially (Y80.61) and then potentially the 2012 highs. Focus remains on retests of 2012 lows.
RES 4: Y79.15 – Falling daily trend line from April 20 highs
RES 3: Y79.01 – Double daily top Sept 6 & 7
RES 2: Y78.69 – Ichimoku cloud base
RES 1: Y78.46 – 21 day moving average
LATEST PRICE: Y78.23
SUP 1: Y77.89 – Hourly support Sept 14
SUP 2: Y77.58 – 21 day lower Bollinger band
SUP 3: Y77.26 – Low Sept 13
SUP 4: Y76.04 – 2012 low Feb 1 2011
EUR/JPY: Closes Above 200-DMA. Fresh 4 month highs Friday with EUR/JPY closing above the 200-DMA for the first time since early May see focus remaining on retests of the Y108.00-10 region. We now look for a move back below the Y100.60 support level to relieve the immediate topside pressure with a close below the Y98.97-Y99.53 level needed
RES 4: Y108.03 – High April 20
RES 3: Y106.56 – Monthly high May 2
RES 2: Y104.85 – 61.8% retracement of Y111.42-Y94.14 move
RES 1: Y104.44 – High May 7
LATEST PRICE: Y102.67
SUP 1: Y101.99 – Hourly support Sept 14
SUP 2: Y101.77 – 200 day moving average
SUP 3: Y100.60 – Hourly low Sept 13
SUP 4: Y99.54 – Low Sept 11
EasyForexNews Research Team