EUR/USD: Focus Turns To 23.6% Fibo And July Support Line. The pair looks to correct further, focus on the 23.6% Retracement support level at $1.2906, as daily tech studies turn bearish. Slow stochastics is firmly in sell-mode while momentum nears the zero-line, however, looks neutral. Euro-dollar may slip through the 23.6% Fibonacci level, but while the pair continues to trade above the July support line we see Euro-dollar as bullish.
RES 4: $1.3140 Oct 17 high, May 1 trend-line
RES 3: $1.3111 Upper Bollinger Band
RES 2: $1.3072/84 High Oct 5, Oct 22
RES 1: $1.3004 5-day moving average
LATEST PRICE: $1.2972
SUP 1: $1.2906 23.6% Fibonacci retracement of $1.2043-1.3172
SUP 2: $1.2882 Support line from July
SUP 3: $1.2826/28/36 Low Oct 11, Lower Bolli band, 200-DMA
SUP 4: $1.2803 Low 1 Oct
GBP/USD: Focus Turns Higher To The Falling Sep 21 Trend-Line. GBP rises from the lower daily Bollinger band and storms through resistance to close back above the former Jun 18 resistance line, now support again. Daily tech studies are neutral ad the daily Bollinger bands begin to narrow once more. Cable remains bearish while it trades below the Sep 21 trend-line, however, we see a test of resistance coming, with focus on the Sep 21 trend-line at $1.6136.
RES 4: $1.6218/19 High 5 Oct, Upper Bollinger band
RES 3: $1.6178 High Oct 17
RES 2: $1.6136 Sep 21 trend-line
RES 1: $1.6064/79 Frmer 23.6% of $1.5269-1.6309, 21-DMA
LATEST PRICE: $1.6042
SUP 1: $1.5997/6011 Lows 9 & 10 Oct, 55 & 5-day moving averages
SUP 2: $1.5938 Lower Bolli band
SUP 3: $1.5912 38.2% of $1.5269-$1.6309 move & High Aug 23
SUP 4: $1.5818/33 100 & 200-day moving averages
USD/JPY: Y80.00 Key Res Level Broken, Studies Overbought. USD/JPY showing a classic bullish continuation pattern, however, met strong resistance at Y80.00, the high of Oct 23. Dol-yen broke above here and is now consolidating before it moves higher. Focus now turns to the May 15 and Jun 25 highs, around Y80.55/62 and also Y80.65, the 50.0% Fiboof the Mar to Sep decline. Daily tech studies continue to look bullish, however are firmly in overbought territory.
RES 4: Y81.78 High Apr 20
RES 3: Y81.49 61.8% Fibonacci of Mar/Sep decline
RES 2: Y80.55/62/65 Highs May 15, Jun 25, 50% Fibo Of Mar/Sep decline
RES 1: Y80.10 High Jul 5
LATEST PRICE: Y80.07
SUP 1: Y79.66/80 August high, Former Oct 5 resistance line
SUP 2: Y79.40/49 23.6% Fibonacci of Sep/Oct rally, 200-DMA
SUP 3: Y79.14 Tenkan line
SUP 4: Y78.73/74/81 Kijun Line, 21-DMA, 100-DMA
EUR/JPY: Slow Stochastics In Overbought Territory. EUR/JPY trades within the rising channel and above the former April resistance line, so remains bullish. However, daily tech studies appear to be losing steam and slow stochastics looks overbought. Initial support seen as the former April resistance line and Tenkan line at Y102.77/82, while intial resistance seen as the Oct 17 high and rising channel upper at Y104.14/28.
RES 4: Y107.21 76.4% Fibonacci of Mar/Jul decline
RES 3: Y105.65 Low Mar 6
RES 2: Y104.59/63/71 High Oct 23, Low Apr 16, 61.8% Fib Mar/Jul decline
RES 1: Y104.14/28 High Oct 17, Rising channel upper
LATEST PRICE: Y103.97
SUP 1: Y102.77/82 Former resistance line from April, Tenkan Line
SUP 2: Y102.05/11/13 200-DMA, Kijun line, 21-DMA
SUP 3: Y101.24 Rising Jul Channel base
SUP 4: Y101.05 Ichimoku Coud top
EasyForexNews Research Team