EUR/USD: Bears Eye Jul 24 Support Line As Studies Slide. The pair slips lower again and daily studies maintain their bearish tone, albeit approaching oversold levels. Initial support seen as the lower daily Bollinger band, which has narrowed considerably, at $1.3034. Bears will look to break below the July 24 support line at $1.2979 to reaffirm its bearish trend. Monthly studies remain bullish and initial resistance remains as the Fibonacci levels and 21-DMA around $1.3150/56/60.
RES 4: $1.3487/91 High Feb 2012, 50.0% of $1.4940 to $1.2043
RES 3: $1.3388 100-week MA
RES 2: $1.3296/3308 Upper Bollinger Band, High Dec 19
RES 1: $1.3150/56/60 38.2% of $1.4940-1.2043, 23.6% of $1.2662-1.3308, 21-DMA
LATEST PRICE: $1.3078
SUP 1: $1.3034 Lower daily Bollinger band
SUP 2: $1.2979/85/92 Jul 24 supp, 50.0% $1.2662-1.3308, 55-DMA
SUP 3: $1.2909/2934 61.8% of $1.2662 to $1.3308, 100-DMA
SUP 4: $1.2814 76.4% of $1.2662 to $1.3308
GBP/USD: Fades After Failed Test Of Former Nov 16 Supp Line. The cross failed to break above the former Nov 16 support line and has subsequently sunk lower through the 55 and 100-DMAs. Initial support now seen as the lower daily Bollinger band at $1.6020, with further support seen at $1.5991, the 50.0% of $1.6747 to $1.5235. Daily studies are also bearish and sellers will be eyeing a potential move to the Jun 2012 support line at $1.5950. Monthly tech studies are bullish and initial resistance seen at $1.6139.
RES 4: $1.6302 Upper daily Bollinger band
RES 3: $1.6216 Former Apr 2011 Trendline
RES 2: $1.6161 21-DMA
RES 1: $1.6139 Former Support line from Nov 16
LATEST PRICE: $1.6048
SUP 1: $1.6020 Lower daily Bollinger band
SUP 2: $1.5991 50.0% of $1.6747-1.5235
SUP 3: $1.5950/59/61 Jun 2012 supp line, 76.4% of $1.5829 to $1.6381, 100-wk MA
SUP 4: $1.5904 200-DMA
USD/JPY: Holds Above 23.6% Level However Studies Slide. USD/JPY consolidates some of its losses, however daily tech studies remain sharply lower despite the gains today. The pair met support at
Y86.82, the 23.6% Fibonacci of Y81.69-88.41, our initial support level. A break below here will really encourage bulls and see a move to our second support level at Y85.59/75/84, the 21-DMA, 23.6% of Y77.13-88.41 and 38.2% of Y81.69-88.41. Bulls will try to regain the Jan 4 high at Y88.41, initial res.
RES 4: Y93.99 38.2% Fibonacci of Y124.14 to Y75.35
RES 3: Y89.22 Monthly Ichimoku cloud base
RES 2: Y88.89 3.00% MA Envelope
RES 1: Y88.41 High Jan 4
LATEST PRICE: Y87.50
SUP 1: Y86.82/87.04 23.6% of Y81.69-88.41, Tenkan line
SUP 2: Y85.59/75/84 21-DMA, 23.6% of Y77.13-88.41, 38.2% of Y81.69-88.41
SUP 3: Y84.85/85.05/11 200-W MA, 50.0% Y81.69-88.41, Kijun line
SUP 4: Y84.18 Reversal high 15 Mar
EUR/JPY: Slips Below Tenkan Line As Studies Also Slide. EUR/JPY is holding above Y113.50 despite daily studies turning lower. The Tenkan line has risen above the pair and now forms initial resistance at Y114.60, a break above here will target the Jan 2 high at Y115.99. However bears will look to test the 21-DMA and Nov 13 support line, further support at Y112.65/82. Ahead of here, support is also seen at Y113.63/70, the 23.6% of Y105.98-115.99 and the Apr 2001 high.
RES 4: Y117.98 55-month MA
RES 3: Y116.44 76.4% of Y123.33 to Y94.12
RES 2: Y115.99 High Jan 2
RES 1: Y114.60 Tenkan line
LATEST PRICE: Y114.44
SUP 1: Y113.63/70 23.6% of Y105.98 to Y115.99, Apr 2001 high
SUP 2: Y112.65/82 21-DMA, Nov 13 supp line
SUP 3: Y112.17/29/50 61.8% Y123.33-94.12, 23.6% Y100.33-115.99, Dec 19 high
SUP 4: Y110.99 Kijun line, 50.0% of Y105.98 to Y115.99
EasyForexNews Research Team