EUR/USD: The pair leaves a long dark candle to descend below the former Jul 2012 support line and 50.0% of $1.2043-1.3711, now should form resistance at $1.2897 and $1.2877, respectively. Bulls may try to retest these levels as resistance, but bears will be looking to hold below and then to test the neckline of the Head & Shoulders pattern, still seen at $1.2780. Ahead of here, initial supp lies at $1.2797/2804, the May 17 low and reversal low of Oct 2012.
R 4: $1.2946/57/67 5-week MA, High May 23
R 3: $1.2934/36/37 High May 21, Low May 10
R 2: $1.2897/2901/02 Jul 2012 Supp line, 5-DMA
R 1: $1.2877 50.0% of $1.2043-1.3711
Latest price: $1.2850
S 1: $1.2797/2804 Low May 17, Reversal low Oct 2012
S 2: $1.2780 Head & Shoulders Neckline
S 3: $1.2746/62 Reversal low Apr 4, Daily Bollinger band base
S 4: $1.2680/91 61.8% of $1.2043-1.3711, Weekly Bollinger band base
GBP/USD: The cross slides to hold just above initial support, formed from the May 23 low and also the 76.4% of $1.4832-1.5606, which held as support before. A break below here would reconfirm the bearish trend and open the downside to at least the Mar 12 low at $1.4832. Weekly and monthly studies also bearish so bulls may struggle to hold above initial support, but failure to break below has the potential to flip sentiment to the upside. Initial res at $1.5080, the 5-DMA.
R 4: $1.5207/19 Low May 14
R 3: $1.5174 Lows May 15
R 2: $1.5113/28 Low May 21
R 1: $1.5080 5-day moving average
Latest price: $1.5014
S 1: $1.5014/15 Low May 23
S 2: $1.4916 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 squeezes above the daily Tenkan line, now at Y102.21, and currently holds just above. Bulls now look to test the Feb 11 resistance line, part of initial res at Y102.93, just above the highs of May 15 and 21 at Y102.76/89, respectively. A break above here would threaten the May 22 high at Y103.74. Daily studies may be turning bullish but weekly studies flat line in overbought territory. Initial support now at Y102.02, the hourly low.
R 4: Y104.09 Weekly Bollinger band top
R 3: Y103.74/78 Reversal high May 22, Reversal low June 2012
R 2: Y103.31 High May 17
R 1: Y102.76/89/93 Highs May 15, 21, Feb 11 resistance line
Latest price: Y102.40
S 1: Y102.02 Hourly low
S 2: Y101.09/10 21-DMA
S 3: Y100.79/83 May 9 high, May 23 low
S 4: Y100.38 Daily Kijun line
EUR/JPY: The cross now between the 21-DMA and daily Tenkan line, part of initial supp and initial res, respectively. Daily studies may be strengthening while monthly studies track higher. Bulls will likely attempt to break above initial res at Y131.82 to Y132.04, the 100-mth MA, dly Tenkan and 50% Y169.96-Y94.12. Above here targets the Feb 6 res line and May 22 high, at Y133.64/133.80 but failure to break above may see bears retest the dly Kijun at Y130.43.
R 4: Y134.10 Weekly Bollinger band top
R 3: Y133.64/69/80 Feb 6 resistance line, Daily Bollinger top, High May 22
R 2: Y132.77/87 High May 14, High May 23
R 1: Y131.82/89/132.04 100-mth MA, Daily Tenkan line
Latest price: Y131.45
S 1: Y131.08/12/18 21-DMA, High Apr 11, Low May 15
S 2: Y130.33/42/43 23.6% of Y119.11-133.80, May 8 high, Daily Kijun line
S 3: Y129.91/97 Highs Apr 25 & May 2, Low May 23
S 4: Y128.19/47 38.2% of Y119.11-133.80, Daily Bollinger band base