EUR/USD: Bulls Require Break Above 38.2% To Gain Control. The pair falls through the 38.2% retracement level of the Jul-Sep rally and now retests this level as resistance at $1.2741. Bulls require a move back above the 38.2% level if they wish to regain control. However, daily studies continue to look weak to bearish, slow stochastics remains in sell-mode, albeit in oversold territory, and 10-day momentum trends sideways. Initial supp at $1.2684, the Boll band.
RES 4: $1.2906 Former 23.6% Fibonacci of $1.2043-1.3172
RES 3: $1.2879 55-day moving average
RES 2: $1.2820/26 200-DMA, Low Oct 11
RES 1: $1.2741/55 38.2% of Jul/Sep rally, 5-DMA
LATEST PRICE: $1.2730
SUP 1: $1.2684 Lower daily Bollinger band,
SUP 2: $1.2639 100-day moving average
SUP 3: $1.2608 50.0% Retracement of Jul/Sep rally
SUP 4: $1.2474 61.8% Retracement of Jul/Sep rally
GBP/USD: Bears Break Below 38.2% Support Level, Now Resistance. GBP managed a decent break lower as it moved below the 38.2% retracement level of the Jun-Sep rally, the pair now retests this level as initial resistance at $1.5912, bulls will look to move back above here if they can. However, daily studies remain bearish and initial support is seen around $1.5901, the 50.0% retracement of the
Aug-Sep rally, and further support at $1.5870, the 100-DMA.
RES 4: $1.6036/57/64 21-DMA, 55-DMA, Frmer 23.6% of $1.5269-1.6309
RES 3: $1.5954 5-day moving average
RES 2: $1.5939 100-week moving average
RES 1: $1.5912 38.2% of $1.5269-$1.6309 move, High Aug 23, Low Oct 23
LATEST PRICE: $1.5910
SUP 1: $1.5901 50% of Aug/Sep rally
SUP 2: $1.5870 100-day moving average
SUP 3: $1.5849/51 Jun Rising Trendline, 200-DMA
SUP 4: $1.5789/93 50.0% of Jun-Sep rally
USD/JPY: Strong Buying Pressure Posts Doji & Cautions Bears. USD/JPY posts a doji yesterday as the pair found strong support from buyers at the end of last week. Daily studies remain bearish and we see initial support around Y79.22 to Y79.32, which includes the Kijun line, Nov 8 low and also the 50.0% Retracement of the Sep to Oct rally. Bulls may take encouragement from the doji and initial
res seen at Y79.64-69; the 38.2% Fib, 200 and 21-DMAs and Aug high.
RES 4: Y80.16 Nov 2 resistance line
RES 3: Y80.00/04 High Oct 23, 23.6% Fib Sep-Nov rally
RES 2: Y79.76/82/88 Nov 7 low, 38.2% Fib of Mar-Sep decline, Tenkan line
RES 1: Y79.64/67/69 38.2% Fib Sep-Oct rally, 200-DMA & Aug high, 21-DMA
LATEST PRICE: Y79.47
SUP 1: Y79.22/28/32 High Sep 19, Low Oct 30, Kijun line & Nov 8 low
SUP 2: Y79.08 Low Nov 9
SUP 3: Y78.79/86 55-DMA, 100-DMA
SUP 4: Y78.59 76.4% Fib of Sep-Oct rally
EUR/JPY: Bears Eye 38.2% Retracement Level At Y100.59. Euro-yen breaks the Ichimoku Cloud top, now trades just above. Previous session met strong support around the 38.2% retracement of the Jul-Oct rally, now initial support at Y100.59. Further support seen from the 100-DMA at Y99.67. However, buyers forced the pair back from the 38.2% level and daily studies, while bearish, are a touch firmer. Initial resistance seen at Y101.49, the 55-DMA.
RES 4: Y102.94 21-day moving average
RES 3: Y102.21/38 Tenkan line, Kijun line
RES 2: Y102.12/16 Former 23.6% Fib, 200-day movng average
RES 1: Y101.49 55-day moving average
LATEST PRICE: Y101.19
SUP 1: Y100.59 38.2% Fibonacci of Jul to Oct rally
SUP 2: Y99.54/55/64/67 Lows 11, 13, 27 Sep, 100-DMA
SUP 3: Y99.35/40 50.0% of Jul-Oct rally, Ichimoku cloud base
SUP 4: Y98.12 61.8% of Jul-Oct rally
EasyForexNews Research Team