EUR/USD: Consolidates Below 38.2%, Bulls Need Break Higher. The pair continues to retest the 38.2% retracement as resistance, slow stochastics is approaching oversold levels and daily studies are beginning to look neutral. Initial resistance at $1.2741, the 38.2% level, while initial support seen at $1.2634/44, the lower Bolli band and 100-DMA. Bulls are trying to take control, but the 38.2% level’s proving strong resistance. Bears eye the 50.0% level at $1.2608.
RES 4: $1.2902/06 Oct 17 resistance line, Former 23.6% of $1.2043-1.3172
RES 3: $1.2884/90 55-day moving average, 21-day moving average
RES 2: $1.2815/26 200-DMA, Low Oct 11
RES 1: $1.2741 38.2% of Jul/Sep rally
LATEST PRICE: $1.2722
SUP 1: $1.2634/44 Lower daily Bollinger band, 100-day moving average
SUP 2: $1.2608 50.0% Retracement of Jul/Sep rally
SUP 3: $1.2474 61.8% Retracement of Jul/Sep rally
SUP 4: $1.2442/44 Highs Aug 6 & 7
GBP/USD: Rising Jun Trendline Key Support, 38.2% Key Resistance. GBP continues to trade beneath the 38.2% of the Jun-Sep rally and just above the rising trendline from Jun and 200-DMA, initial resistance and support at $1.5912 and $1.5851/59, respectively. Daily studies continue to slide, as do weekly studies, and bears may test support in the hopes of a break lower. Further support seen at
$1.5789/93, the 50.0% level and Jun 18 high.
RES 4: $1.6058/64 55-DMA, Former 23.6% of $1.5269-1.6309
RES 3: $1.6014 21-day moving average
RES 2: $1.5939 100-week moving average
RES 1: $1.5912 38.2% of $1.5269-$1.6309, High Aug 23, Low Oct 23
LATEST PRICE: $1.5884
SUP 1: $1.5851/59 200-DMA, Jun Rising Trendline
SUP 2: $1.5789/93 50.0% of Jun-Sep rally, High Jun 18
SUP 3: $1.5755 Low Aug 28
SUP 4: $1.5666 61.8% Fibonacci of Jun-Sep rally
USD/JPY: 38.2% Level Remains Key Resistance. USD/JPY continues to trade just below the former 38.2% retracement of the Oct-Nov rally, initial resistance at Y79.64 alongside the Aug high and 200-DMA at Y79.66/70. Bulls will aim for a break above initial res, however daily studies remain bearish while weekly studies are bullish, albeit slowing. Further res seen around Y79.76-88, the Nov 7 low and Tenkan line. Initial supp seen at Y79.32, the 50.0% level.
RES 4: Y80.34/38 Oct 25 and Oct 26 highs
RES 3: Y79.99/80.00/04 Nov 2 res line, High Oct 23, 23.6% Sep-Nov rally
RES 2: Y79.76/82/88 Nov 7 low, 38.2% Fib of Mar-Sep decline, Tenkan line
RES 1: Y79.64/66/70 38.2% Fib Sep-Oct rally, Aug high, 200-DMA
LATEST PRICE: Y79.59
SUP 1: Y79.32 50.0% Fibonacci of Sep-Oct rally, Kijun line
SUP 2: Y79.08 Low Nov 9
SUP 3: Y78.84/86 55-DMA, 100-DMA
SUP 4: Y78.59 76.4% Fib of Sep-Oct rally
EUR/JPY: Moves Above Ichimoku Top, Weekly Studies Bearish. The pair dips into the Ichimoku cloud and tests the top as resistance and has already moved above. Initial resistance seen at 101.57, the 55-DMA, above here is the Tenkan line, former 23.6% level and 200-DMA around Y102.10/12/15. However, daily studies remain bearish, albeit are losing momentum. We note that weekly studies are firmly bearish, initial support seen at Y100.59, the 38.2% of Jul-Oct rally.
RES 4: Y102.80 21-day moving average
RES 3: Y102.38 Kijun line
RES 2: Y102.10/12/15 Tenkan line, Former 23.6% Fib, 200-DMA
RES 1: Y101.57 55-day moving average
LATEST PRICE: Y101.30
SUP 1: Y100.33/43/59 Nov 13 & Nov 9 lows, 38.2% Fib of Jul to Oct rally
SUP 2: Y99.54/55/64/70 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