EUR/USD: The pair closes and continues to hold above the former Jul 2012 support line, currently just above the former 23.6% of $1.3243-1.2797 at $1.2902, which forms initial supp. Dly studies are turning higher and the pair may retrace up to further res around the 55 and 200-DMAs if bulls manage to hold above initial support and the Jul 2012 support line. However, bears will likely look to retest this level and complete the H&S pattern on the weekly chart.
R 4: $1.3011/15 21-DMA, 200-DMA
R 3: $1.2991 55-DMA
R 2: $1.2967/78 5-week MA
R 1: $1.2936/39 Low May 10 & 61.8% $1.2746-1.3243, Hourly high
Latest price: $1.2915
S 1: $1.2902 Former 23.6% of $1.3243-1.2797
S 2: $1.2877/85 Former Jul 2012 Support line, 5-DMA
S 3: $1.2843/47 Lows May 15, 16
S 4: $1.2775/97 Head & Shoulders Neckline, Low May 17
GBP/USD: The cross breaking lower once more, testing support around the 61.8% of $1.4832-1.5606 at $1.5128, yesterday closed above. Today should see bears retest this level, also yesterday’s low forms support at $1.5113. Daily studies continue to slide, albeit near oversold now, while wkly studies show sell-signals. Further supp at $1.5086/89, the daily and monthly Bolli bands, a break below here should complete the measured move of the channel break, which targets $1.5025.
R 4: $1.5281/86 Highs May 20, 17
R 3: $1.5255 55-DMA
R 2: $1.5199/5207/19 5-DMA, Low May 14
R 1: $1.5174 Lows May 15
Latest price: $1.5140
S 1: $1.5113/28 Low May 21
S 2: $1.5086/89 Daily & Monthly Bollinger band base
S 3: $1.5015/25 76.4% of $1.4832-1.5606, Measured move of channel break
S 4: $1.4832 Low Mar 12
USD/JPY: The pair still holding just above the former Feb 11 resistance line – turned support and now at Y102.38. Daily studies are now more-or-less trending sideways with slow stochastic in overbought territory, only monthly studies continue to point higher. Bulls look to break above the May 17 high at Y103.31, but continued failure to test or move above may see bears slipping below initial support to test the daily Tenkan line at Y101.93.
R 4: Y104.15 Daily Bollinger band top
R 3: Y103.78/82 Weekly Bollinger band top
R 2: Y103.31 High May 17
R 1: Y102.76/89 Highs May 15, 21
Latest price: Y102.50
S 1: Y102.38 Feb 11 former resistance line – now support
S 2: Y101.93/102.06 Daily Tenkan line
S 3: Y101.45 Reversal high Apr 2009
S 4: Y100.54/78/79 May 10 low, May 9 high
EUR/JPY: The cross back moving higher after testing the daily Tenkan line, which has also risen to become initial support now at Y131.88. Bulls are now looking to break above the May 14 high at Y132.77 and have already managed to reach an hourly high at Y132.69, a break above could see bulls test the Feb 6 resistance line, now at Y133.27, just below the daily Bolli band top at Y133.74. However, failure to break above would open the downside to bears.
R 4: Y134.38 Weekly Bollinger band top
R 3: Y133.75 Daily Bollinger band top
R 2: Y133.27 Feb 6 resistance line
R 1: Y132.69/77 Hourly high, High May 14
Latest price: Y132.40
S 1: Y131.88 Daily Tenkan line
S 2: Y131.12/18 High Apr 11, Low May 15
S 3: Y130.70/99 Apr 22 high, May 20 low
S 4: Y130.41/42 21-day moving average