EUR/USD: The pair rises back above the former Jul 2012 support line, now at $1.2873, but already tested territory below here. The pair bounced from the 23.6% retracement of $1.3243-1.2797, formerly initial res at $1.2902, but euro-dollar nudged above here. If bulls fail to break above we expect the pair will turn lower once more, initial supp at $1.2843/47, the lows of May 15 and 16. Further supp at $1.2775/97, the H&S neckline on weekly chart and May 17 low.
R 4: $1.3012/14 200-DMA, 21-DMA
R 3: $1.2991 55-DMA
R 2: $1.2967/72 5-week MA
R 1: $1.2936 Low May 10
Latest price: $1.2885
S 1: $1.2843/47 Lows May 15, 16
S 2: $1.2775/97 Low May 17
S 3: $1.2746 Reversal low Apr 4
S 4: $1.2710 Weekly Bollinger band base
GBP/USD: The cross bumps higher, but fails to break above the highs of May 20 and 17, initial res at $1.5281/86. Failure here could send the pair tumbling however we add caution as dly studies suggest a potential reversal. Despite this, wkly/mthly studies remain bearish, initial supp at $1.5207/19, May 14 low and 50% $1.4832-1.5606, which holds cable. Further supp at $1.5158/74, the lows of May 17 and 15, a break below here could complete the measured move to $1.5025.
R 4: $1.5404/10/12/24 Highs Apr 12, 11
R 3: $1.5368/89 High Apr 19, 21-DMA
R 2: $1.5310/14 May 10 low
R 1: $1.5281/86 Highs May 20, 17
Latest price: $1.5245
S 1: $1.5207/19 Low May 14
S 2: $1.5158/74 Lows May 17, 15
S 3: $1.5110/18/28 Monthly & Daily Bollinger band base
S 4: $1.5015/25 76.4% of $1.4832-1.5606
USD/JPY: The pair just about holding above the former Feb 11 resistance line turned support, now at Y102.27 which dol-yen has crept below but closed above for the past seven sessions. A close below could spur a correction, support seen at Y101.71, the 1% MA envelope top, and further support at Y101.45, the Apr 2009 reversal high. However, bulls look to retest Y103.31, the May 17 high, to continue the bullish trend, while mthly studies continue to rise.
R 4: Y105.50 61.8% Fibonacci of Y124.14 to Y75.35
R 3: Y103.78/80/87 Weekly Bolli top, Daily Bolli top
R 2: Y103.31 High May 17
R 1: Y102.76 High May 15
Latest price: Y102.45
S 1: Y102.27 Feb 11 former resistance line – now support
S 2: Y101.71 1.00% MA envelope top
S 3: Y101.45 Reversal high Apr 2009
S 4: Y100.98 Daily Tenkan line
EUR/JPY: The pair tested the downside but met support around the dly Tenkan line, now part of initial supp at Y131.18, also the May 15 low and just above Apr 11 high at Y131.12. The pair’s failure to break lower could give bulls the boost to retest the May 14 high at Y132.77, which the pair held below since. Break above extends gains to the dly Bolli top, part of further res at Y133.47. However, continued failure would see bears testing supp once more.
R 4: Y136.12 4.00% MA envelope top
R 3: Y134.32/81 Weekly Bollinger band top
RS 2: Y133.20/48 Feb 6 resistance line, Daily Bollinger band top
RS 1: Y132.77 High May 14
Latest price: Y132.10
S 1: Y131.12/18 Low May 15 & Daily Tenkan line
S 2: Y130.70/99 Apr 22 high, May 20 low
S 3: Y130.25/42 21-day moving average, May 8 high
S 4: Y129.91 Highs Apr 25 & May 2