EUR/USD continued its descent to approach the support line from Jul 10, now at $1.3437 and key initial support as the pair bounced from here already. Daily studies still bearish but show signs of slowing – break below Jul 10 support line likely sees bears push to the 200-DMA at $1.3220 before testing Sept 6 low at $1.3105. However, failure to break below could see daily studies turn bullish and flip sentiment higher – initial res is Sept 19 high at $1.3501.
R 4: $1.3638/44 21-DMA, Former Support line from Sept 6
R 3: $1.3598/3608 High Oct 14, 5-DMA
R 2: $1.3539 Low Oct 4
R 1: $1.3501/02 Low Sept 19, Hourly high
Latest price: $1.3485
S 1: $1.3437/42 Support line Jul 10, Hourly low
S 2: $1.3413 Daily Bollinger band base
S 3: $1.3400 High Aug 8
S 4: $1.3383 61.8% of $1.3105-1.3832
GBP/USD falls to test support around the $1.5900 level to complete the measured move from the downside channel breakout. Daily studies still slide and a break below $1.5900 level could continue the bearish trend and drag weekly studies lower also. Next support at $1.569 – daily Bolli base. A break below then tests the 50.0% of $1.5429-1.6260 at $1.5845 and 61.8% at $1.5746. However, bulls look to recoup some losses and rise back above former 38.2% at $1.5943.
R 4: $1.6064/65 23.6% of $1.5429-1.6260, 21-DMA
R 3: $1.6024 Low Oct 29
R 2: $1.5996/6002 5-DMA, High Oct 11
R 1: $1.5943 38.2% of $1.5429-1.6260
Latest price: $1.5928
S 1: $1.5894/5904 Low Oct 16, Hourly low
S 2: $1.5869 Daily Bollinger band base
S 3: $1.5845 50.0% of $1.5429-1.6260
S 4: $1.5805 Low Feb 5
USD/JPY moved back above the daily Ichimoku cloud after testing support around daily Kijun line at Y97.79 on Friday. Daily studies still bullish following break higher and initial resistance now at Y98.85, Friday’s high and the hourly high. A break above likely sees a push toward May 22 resistance line at Y99.12 and above here could see bulls retest the Y100.00 level. However, monthly studies are bearish and initial support is daily cloud top at Y98.65.
R 4: Y99.66 76.4% of Y100.61-96.57
R 3: Y99.36 High Sept 23
R 2: Y99.07/12 61.8% of Y100.61-96.57, May res line
R 1: Y98.85 High Nov 1 & Hourly high
Latest price: Y98.72
S 1: Y98.65 Daily Ichimoku cloud top
S 2: Y98.52 100-day moving average
S 3: Y98.34 Daily Ichimoku base
S 4: Y98.06/11 Low Oct 30, 38.2% of Y100.61-96.57
EUR/JPY closed back above Y132.82 – 61.8% of Y131.15-135.51 after bears tested below and even slipped into dly Ichimoku cloud, the base is support at Y132.65, just above the 55-DMA at Y132.64. Daily studies remain bearish and monthly studies also slide – a break back into cloud threatens a test of Jun 13 support line at Y132.28 and a break below could see bears test Y131.15 – Oct 8 low. However, failure at support could allow bulls to recoup some recent losses.
R 4: Y134.04/05 Daily Tenkan line, 76.4% of Y134.95-131.15
R 3: Y133.80/84 May 22 reversal high, 38.2% Y131.15-135.51
R 2: Y133.60/68 21-DMA, High Nov 1
R 1: Y133.33 Daily Kijun line, 50.0% Y131.15-135.51
Latest price: Y133.14
S 1: Y132.82 61.8% of Y131.15-135.51
S 2: Y132.64/65 55-DMA, Daily Ichimoku cloud top
S 3: Y132.18/28 76.4% of Y131.15-135.51, Support line Jun 13
S 4: Y131.46 Daily Ichimoku cloud base
