EUR/USD: The pair holds above Jul 2012 support line but price action already tested this area today, at $1.2893, however initial supp is at $1.2877/84, the 50.0% level and hourly low. Studies are looking more bullish than bearish and continued failure to sustain a break below could flip sentiment to the upside, initial res at $1.2934/36/37, May 21 high, May 10 low and 61.8%.
R 4: $1.3020/26 50.0% of $1.3243-1.2797, 200-DMA
R 3: $1.2981/87/98 55-DMA, 21-DMA, High May 22
R 2: $1.2957/58/67 High May 23, 5-week MA
R 1: $1.2934/36/37 High May 21, Low May 10 & 61.8% $1.2746-1.3243, Hourly high
Latest price: $1.2915
S 1: $1.2877/84 50.0% of $1.2043-1.3711, Hourly low
S 2: $1.2776/80/97 Daily Bolli base, Low May 17
S 3: $1.2746 Reversal low Apr 4
S 4: $1.2700 Weekly Bollinger band base
GBP/USD: The cross now finds itself back below the 61.8% of $1.4832-1.5606, now resistance at $1.5128, bears will look to hold below and to test the 76.4% level at $1.5015. Daily studies have turned bullish, but weekly and monthly studies remain bearish, we may see bulls attempt to test further resistance but the longer-term trend remains with bears. Further support seen at $1.4957, the daily Bollinger band base and further res at $1.5174, the May 15 low.
R 4: $1.5265 55-DMA
R 3: $1.5207/19 Low May 14
R 2: $1.5174 Lows May 15
R 1: $1.5113/28 Low May 21
Latest price: $1.5102
S 1: $1.5014/15 Low May 23
S 2: $1.4957 Daily Bollinger band base
S 3: $1.4832 Low Mar 12
S 4: $1.4784 Low week of Mar 5th 2012
USD/JPY: The pair rebounds from the 21-DMA and moves up to trade just below the daily Tenkan line, now initial resistance at Y102.21, just above May 13 high at Y102.15. Daily studies are quite bearish but have firmed a touch, weekly studies trend sideways while monthly studies rise further into overbought territory. Bulls may eye the May 22 high at Y103.74, with the Feb 11 res line ahead at Y102.82, but bears will aim to break below 21-DMA at Y100.83.
R 4: Y104.01 Weekly Bollinger band top
R 3: Y103.74/78 Reversal high May 22, Reversal low June 2012
R 2: Y102.82 Feb 11 former res line – now supp
R 1: Y102.15/21 High May 13, Daily Tenkan line
Latest price: Y101.90
S 1: Y100.79/83 May 9 high, May 23 low & 21-DMA
S 2: Y100.38 Daily Kijun line
S 3: Y99.90/95 Apr 22 high, Apr 11 high
S 4: Y99.47 38.2% of Y92.57-103.74
EUR/JPY: the cross failed at daily Kijun line and bounced from the Y130.00 level despite declining daily studies. Monthly studies remain bullish and we may see bulls returning to test the May 22 high at Y133.80, ahead of here resistance seen at Y131.82/89/132.04, the 100-mth MA, dly Tenkan and 50.0% of Y169.96-Y94.12. A break above would then target the Feb 6 res line at Y133.57. However, failure at initial res could see bears turn lower to retest the Kijun line at Y130.43.
R 4: Y133.79/80 Daily Bollinger band top, High May 22
R 3: Y133.57 Feb 6 resistance line
R 2: Y132.77/87 High May 14, High May 23
R 1: Y131.82/89/132.04 100-month MA, Daily Tenkan line
Latets price: Y131.72
S 1: Y130.33/42/43 May 8 high, Daily Kijun line
S 2: Y129.91/97 Highs Apr 25 & May 2, Low May 23
S 3: Y128.08/19 Daily Bollinger band base
S 4: Y127.58 55-day moving average