EUR/USD remains capped ahead of $1.3611 with bulls now looking for a close above this level to ease bearish pressure a little. Overall bulls need to see a close above $1.3700 to confirm a break of the 55 & 200-DMA’s which then sees immediate focus shift to the 100-DMA and overall focus to the $1.3775 level. Bears currently retain the upper hand with a close below $1.3564 needed to confirm the current focus on retests of the June monthly low.
RES 4: $1.3682 High July 2, 55-DMA
RES 3: $1.3669 Hourly resistance July 2
RES 2: $1.3638 Low July 2 now resistance
RES 1: $1.3611 High July 4
LPRICE: $1.3602
SUP 1: $1.3576 Low June 26
SUP 2: $1.3564 Low June 20
SUP 3: $1.3516 Bollinger band base
SUP 4: $1.3503 Monthly Low June 5
Hesitation ahead of the $1.7180-98 region is of concern to bulls when combined with the very O/B daily studies. Bears continue to look for a close below the $1.7097 July 1 low to confirm an easing of the bullish pressure and a break of the short term rising channel that the pair is currently flirting with. Overall, bears look for close back below the previous 2014 high at $1.7063 to hint at a deeper correction & initially target the 21-DMA.
RES 4: $1.7516 High Oct 20 2008
RES 3: $1.7327 Rising daily channel top
RES 2: $1.7198 High Oct 21 2008
RES 1: $1.7180 2014 High July 4
LPRICE: $1.7127
SUP 1: $1.7097 Low July 1
SUP 2: $1.7063 Previous 2014 high now support
SUP 3: $1.7023 21-DMA
SUP 4: $1.7007 Low June 27
USD/JPY struggled with the 100-DMA last week and failed to take out the Y102.35 resistance. Monday’s close below the Y101.95 previous support relieves the bullish pressure and sees bears looking to take control and target the Y100.77-101.23 region. Overall bulls need to see a close above Y102.35 to end bearish hopes, shifting immediate focus to the Y102.79-103.02 region and overall focus to the 104.13 Apr monthly high.
RES 4: Y103.02 Monthly High May 2
RES 3: Y102.79 Monthly High June 4
RES 2: Y102.35 High June 18
RES 1: Y101.95 Alternating support/resistance level
LPRICE: Y101.76
SUP 1: Y101.69 Hourly support July 8
SUP 2: Y101.41 Low July 2
SUP 3: Y101.23 Monthly Low June 30
SUP 4: Y100.82 Monthly Low May 21
The pullback from last week’s highs if of some concern to bulls especially when combined with the O/B daily Slow Stochastic that is looking to correct lower. Immediate focus has returned to the Y137.72-91 region with overall focus on a break lower that targets 2014 lows. Bulls now need to see a close above the Y138.86 resistance level to ease the bearish pressure and above the 55-DMA to hint at a bigger bounce.
RES 4: Y139.53 38.2% Fibonacci 142.47-137.70
RES 3: Y139.31 High June 10
RES 2: Y138.86 Low July 3 now resistance
RES 1: Y138.65 Hourly resistance July 7
LPRICE: Y138.48
SUP 1: Y137.91 Low June 26
SUP 2: Y137.72 Low June 16
SUP 3: Y137.10 55-WMA
SUP 4: Y136.23 2014 Low Feb 4
Fresh 2014 and two year lows continued for EUR/GBP Monday but the resulting bounce and relatively bullish close on the day could be hinting at a bounce. Bulls still need to see a close above Gbp0.7951 to ease bearish pressure a little and a close above Gbp0.7998 to shift immediate focus to the key Gbp0.8033 resistance level, with a close above confirming an end to bearish hopes. Daily studies are again at O/S levels which is a negative for bears.
RES 4: Gbp0.8033 High June 25
RES 3: Gbp0.7998 Low July 1 now resistance
RES 2: Gbp0.7980 Hourly resistance July 2
RES 1: Gbp0.7951 Low July 2 now resistance
LPRICE: Gbp0.7941
SUP 1: Gbp0.7915 2014 Low July 7 2014, Bollinger band base
SUP 2: Gbp0.7903 Weekly Bollinger band base
SUP 3: Gbp0.7887 Low Sept 5 2012
SUP 4: Gbp0.7764 2012 Low July 2012
