EUR/USD now ranging but last session left a long upper-shadow after testing resistance from the former 50.0% at $1.3107. Daily studies are bearish but oversold, whereas weekly and monthly studies decline. Bears now look to break below the Jun 26 low at $1.2985, a break below targets the 76.4% at $1.2943. However, failure at the Jun 26 low would likely flip sentiment higher.
R 4: $1.3243 Reversal high May 1
R 3: $1.3161/80/91 Low Jun 20, 38.2% of $1.2797-1.3417, 21-DMA
R 2: $1.3103/07/20 High Jun 28, 50.0% of $1.2797-1.3417,
R 1: $1.3065/74/76 100-DMA, 200-DMA, 55-DMA
Latest price: $1.3020
S 1: $1.2985/98 Low Jun 26, High May 22
S 2: $1.2930/33/43 Daily Bolli band base, 55-week MA
S 3: $1.2907 Jul 2012 Support line
S 4: $1.2877 50.0% of $1.2043-1.3711
GBP/USD slipped below 76.4% of $1.5009-1.5752, now part of initial res at $1.5184, but closed above. Bears look to retest this level while studies slide. However, daily studies oversold so could turn higher. Initial res at $1.5285 to $1.5314, formed from the 5-DMA, 21-week MA, 100-DMA and May 10 low. Month of June saw bulls retest the ascending triangle base and erase almost all gains, if bears break below $1.5009 we expect a retest of $1.4832.
R 4: $1.5468/84/89 38.2% of $1.5009-1.5752, 21-DMA, Low Jun 7
R 3: $1.5401 38.2% of $1.4832-1.5752
R 2: $1.5375/80 55-DMA, 50.0% of $1.5009-1.5752
R 1: $1.5285/91/97/5314 5-DMA, 21-week MA, 100-DMA, May 10 low
Latest price: $1.5219
S 1: $1.5183/84 61.8% of $1.4832-1.5752
S 2: $1.5153/56 Daily Bollinger band base, High May 27
S 3: $1.5049 76.4% of $1.4832-1.5752
S 4: $1.4987/5009 Monthly Bollinger band base, Low May 29
USD/JPY rises further into the daily cloud and is now above the 55-DMA, initial support at Y99.13. Daily studies bullish but moving close to overbought territory, weekly studies are strengthening and initial res now at Y99.54, the hourly high. Further res at Y99.90/94/95 High Apr 22, 61.8% of Y103.74-93.79 and high Apr 11. Monthly studies are bullish but overbought and failure to remain above the 55-DMA could turn sentiment lower.
R 4: Y101.29/39 Daily Ichimoku cloud top
R 3: Y100.65-83 Dly Bolli top, May 9 high, May 23 low
R 2: Y99.90/94/95 High Apr 22, High Apr 11
R 1: Y99.54 Hourly high
Latets price: Y99.35
S 1: Y99.13 55-DMA
S 2: Y98.76-87 Wkly Tenkan & 50% Y103.74-93.79, Low Jun 3
S 3: Y98.15/16/24 Ichimoku cloud base, Daily Kijun line, High Jun 26
S 4: Y97.20-39 100-DMA, Low Jun 26, 21-DMA & Dly Tenkan
EUR/JPY now testing the 55-DMA as initial res at Y129.59, just above the hourly high at Y129.50. Daily studies continue to track higher and a break above the 55-DMA targets test of Jun 21 and 20 highs at Y129.70/91 followed by former 23.6% at Y130.33. The daily Bolli and cloud top is around Y131.01/16 and should form strong res. However, monthly studies are overbought and initial supp is from Y128.39-56, includes the 200-mth MA, 21-DMA and dly Kijun.
R 4: Y131.01/12/16 Daily Bolli band top, High Apr 11, Daily Ichimoku cloud top
R 3: Y130.33/42 23.6% of Y119.11-133.80, May 8 high
R 2: Y129.70/91 Highs Jun 21, 20
R 1: Y129.59 55-DMA
Latest price: Y129.45
S 1: Y128.39/44/45/56 200-month MA, 21-DMA, High Jun 26, Daily Kijun line
S 2: Y128.08/12/18/24 Highs Jun 18, 14, Daily Tenkan line
S 3: Y126.96/98/127.06/33 High Jun 17, 100-DMA, Apr 29 low, 21-week MA
S 4: Y126.46 50.0% of Y119.11-133.80 & Daily Ichimoku cloud base