EUR/USD: Bulls Break Above 38.2% Resistance. The pair broke above the 38.2% retracement of the Jul/Sep rally at $1.2741, however selling pressure forced the pair back below. Price action today already broke above again, but is sent back to hold just below the same level. Daily tech studies look to be turning bullish, however weekly studies are firmly bearish. Initial supp seen at $1.2658, the 21-WMA, and initial res seen at $1.2741, the Nov 14 high.
RES 4: $1.2906 Former 23.6% of $1.2043-1.3172
RES 3: $1.2872/89/90 21-DMA, 55-DMA, Oct 17 resistance line
RES 2: $1.2812/26 200-DMA, Low Oct 11
RES 1: $1.2778 High Nov 14
LATEST PRICE: $1.2738
SUP 1: $1.2658 21-Week moving average
SUP 2: $1.2632/47 Lower daily Bollinger band, 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: Rising Jun Trendline Now Key Resistance At $1.5864. GBP fades away from the 38.2% retracement level and falls beneath the rising trendline from Jun, now initial resistance at $1.5864 along with the 5 and 100-DMAs at $1.5866/78. Daily studies remain bearish, albeit overbought. Initial support seen at $1.5806/21, the 55-WMA and lower daily Bollinger band. Bulls will try to break above the Jun trendline, failure to do so will encourgae bears to break lower.
RES 4: $1.5997 Lows 9 & 10 Oct, 21-day moving average
RES 3: $1.5939 100-week moving average
RES 2: $1.5912 38.2% of $1.5269-$1.6309, High Aug 23, Low Oct 23
RES 1: $1.5864/66/78 Jun Rising Trendline, 5-DMA, 100-DMA
LATEST PRICE: $1.5848
SUP 1: $1.5806/21 55-week moving average, Lower daily Bollinger band
SUP 2: $1.5789/93 50.0% of Jun-Sep rally, High Jun 18
SUP 3: $1.5755/64 Low Aug 28, 200-week moving average
SUP 4: $1.5666 61.8% Fibonacci of Jun-Sep rally
USD/JPY: Upside Break Pauses At Y80.95, Daily Studies Rise. The pair soars higher through the former 38.2% key resistance level and then some. Daily studies have turned bullish, in line with the upcoming bullish cross in the future Ichimoku cloud. The pair seems to have paused for breath in its ascent, holding just below Y80.95/97, initial res from the hourly high and Apr 23 low. Further res seen at Y81.49, the 61.8% retracement of the Mar-Sep decline.
RES 4: Y82.52 76.4% Retracement of Mar-Sep decline
RES 3: Y81.78 High Apr 20
RES 2: Y81.49 61.8% Retracement of Mar-Sep decline
RES 1: Y80.95/97 Hourly High, Low Apr 23
LATEST PRICE: Y80.89
SUP 1: Y80.00/01 High Oct 23, Tenkan Line
SUP 2: Y79.88 21-day moving average
SUP 3: Y79.72 200-day moving average
SUP 4: Y79.45 Kijun line
EUR/JPY: Strong Recovery Turns Daily Tech Studies Bullish. EUR/JPY posts a large white candle and this session so far shows a large white candle also, turning daily studies bullish. Initial resistance is seen at Y103.21, the hourly high, and further resistance seen around Y103.87-99. Price action has just squeezed into the former rising channel and bulls may be eyeing a move to the channel top. Weekly tech studies are a little bearish, however, which cautions bulls.
RES 4: Y104.71 61.8% Fibonacci of Mar-Jul fall
RES 3: Y104.59 Oct 23 monthly high
RES 2: Y103.87/94/99 High Sep 17, High Oct 31, High Nov 1
RES 1: Y103.21 Hourly high
LATEST PRICE: Y103.00
SUP 1: Y101.88 Tenkan line
SUP 2: Y101.67 55-day moving average
SUP 3: Y101.30 Ichimoku cloud top
SUP 4: Y101.03 Nov 8 low
EasyForexNews Research Team