EUR/USD: Bears Eye July Support Line. The pair was turned away from the 21-DMA and also found support from the Jul support line, initial resistance and support, respectively, at $1.2972 and $1.2908. Daily tech studies remain bearish and we expect the pair to once again test the Jul support line. A break below here would target the 200-DMA and lower daily Bollinger band at $1.2835 and $1.2838.
RES 4: $1.3138/40 May 1 trend-line, Oct 17 high
RES 3: $1.3106 Upper Bollinger Band
RES 2: $1.3072/84 High Oct 5, Oct 22
RES 1: $1.2972 21-day moving average
LATEST PRICE: $1.2925
SUP 1: $1.2906/08 23.6% Fibonacci of $1.2043-1.3172, July support line
SUP 2: $1.2826/35/38 Low Oct 11, 200-DMA, Lower Bolli band
SUP 3: $1.2803/05 Low 1 Oct, 55-DMA
SUP 4: $1.2741 38.2% retracement of Jul/Sep rally
GBP/USD: Bulls Continue To Test Sep 21 Falling Trendline. GBP consolidated gains after meeting resistance from the Sep 21 trendline, now redrawn and still initial resistance at $1.6134, with the previous two session highs also adding to resistance at $1.6141/43. Daily tech studies remain bullish, however, have weakened slightly. Bulls will target a break above the Sep 21 trendline to the Oct 17 high, bears struggle to break below the 21-DMA at $1.6072.
RES 4: $1.6218 High 5 Oct
RES 3: $1.6189 Upper Bollinger band
RES 2: $1.6178 High Oct 17
RES 1: $1.6134/41/43 Sep 21 trendline, High Oct 26, High Oct 25
LATEST PRICE: $1.6083
SUP 1: $1.6059/64/72 5-DMA, Frmer 23.6% of $1.5269-1.6309, 21-DMA
SUP 2: $1.5997/6013 Lows 9 & 10 Oct, 55-day moving average
SUP 3: $1.5955 Lower Bolli band
SUP 4: $1.5912 38.2% of $1.5269-$1.6309 move & High Aug 23
USD/JPY: Bearish Engulfing/Bearish Outside Day Point Lower. USD/JPY posts a bearish outside day, bearish engulfing pattern, a bearish double-day top and if that wasn’t enough, daily tech studies also look increasingly bearish. Slow stochastics shows a sell-signal and 10-day momentum breaks its uptrend. Initial support seen as the Tenkan line and 200-DMA at Y79.50/51, however we see the pair consolidating before heading lower.
RES 4: Y80.55/62/65 Highs May 15, Jun 25, 50% Fibo Of Mar/Sep decline
RES 3: Y80.34/38 Oct 25 and Oct 26 highs
RES 2: Y80.00 High Oct 23
RES 1: Y79.94 Former Oct 5 resistance line
LATEST PRICE: Y79.68
SUP 1: Y79.50/51 Tenkan Line, 200-day moving average
SUP 2: Y79.22/26 High Sep 19, 38.2% of Sep to Oct rally
SUP 3: Y78.82/91/94 100-DMA, Kijun Line, 21-DMA
SUP 4: Y78.40 Top Ichimoku cloud
EUR/JPY: Daily Tech Studies Slide. EUR/JPY begins to test support, as the previous session was turned away from the former Sep 17 falling resistance line, further resistance at Y102.69. Daily tech studies also slide and we see the pair targeting the 200-DMA, Kijun line and 21-DMA support level at Y102.08 to 102.39. However, Euro-yen remains in the rising channel and is seen bullish until it breaks below the lower rising channel at Y101.45.
RES 4: Y105.65 Low Mar 6
RES 3: Y104.59/67/71 High Oct 23, Sep 17 Res ln, 61.8% Fib Mar/Jul fall
RES 2: Y104.50 Rising channel upper
RES 1: Y103.64 Tenkan Line
LATEST PRICE: Y103.00
SUP 1: Y102.80 High Oct 5
SUP 2: Y102.69 Former Sep 17 falling resistance – now support
SUP 3: Y102.08/11/39 200-DMA, Kijun line, 21-DMA
SUP 4: Y101.45 Rising Jul Channel base
EasyForexNews Research Team