Oscillation around the Bollinger band base ($1.3521) continues with the EUR/USD now consolidating ahead of the key $1.3503-12 support as daily studies approach O/S levels. Layers of resistance remain in the $1.3541-87 region with bulls needing a close above $1.3587 to confirm an easing of bearish pressure and a shift in focus to layers of resistance $1.3628-1.3701. While $1.3587 caps, bears favour a break lower that initially targets 2014 lows.
RES 4: $1.3628 High July 15
RES 3: $1.3587 Hourly support July 15 now resistance
RES 2: $1.3574 High July 16
RES 1: $1.3541 High July 17
LPRICE: $1.3524
SUP 1: $1.3512 Low June 12
SUP 2: $1.3503 Low June 5
SUP 3: $1.3484 Weekly Bollinger band base
SUP 4: $1.3477 2014 Low Feb 3
The pair is looking heavy once more following the failure to retake the $1.7151 level with it currently flirting with the 21-DMA. Bulls need a close above $1.7151 to retain focus on fresh 2014 highs and the $1.7191-1.7229 region where the long term daily channel top and Bollinger band top are located. While $1.7151 caps bears remain focused on the key $1.7059 support with a close below needed to hint at a deeper correction targeting the $1.6920-48 region.
RES 4: $1.7198 High Oct 21 2008
RES 3: $1.7191 2014 High July 15
RES 2: $1.7151 Hourly resistance July 16
RES 1: $1.7117 Hourly resistance July 17
LPRICE: $1.7099
SUP 1: $1.7059 Low July 15
SUP 2: $1.7007 Low June 27
SUP 3: $1.6999 38.2% Fibonacci $1.6696-1.7191
SUP 4: $1.6980 Bollinger band base
USD/JPY finds support around the 55-WMA and Bolli base ahead of the key Y100.75-82 region. A close below the 55-WMA was last seen back in last 2012. Initial resistance is noted on the hourlies in the Y101.41-63 region with bulls needing a close above Y101.63 to provide some breathing room. Layers of resistance are clustered tightly in the Y101.80-102.35 region with bulls needing a close above the 200-DMA to shift focus back to the Y102.20-35 region.
RES 4: Y101.98 200-DMA
RES 3: Y101.80 High July 16
RES 2: Y101.63 Hourly support July 17 now resistance
RES 1: Y101.41 Alternating hourly support/resistance
LPRICE: Y101.30
SUP 1: Y101.10 55-WMA
SUP 2: Y100.82 Falling daily channel base, Mthly low May 21
SUP 3: Y100.75 2014 Low Feb 4
SUP 4: Y100.45 High Nov 15 2013 now support
EUR/JPY currently consolidates below the 21 day lower Bollinger band with daily studies at O/S levels as bears continue to target the 2014 low and 55-WMA. Layers of resistance have developed on the hourly time frame with bulls needing a close above Y137.42 to ease the current bearish pressure and above the Y138.09 July 16 high to shift focus to further layers of resistance Y138.36-139.49 which includes key moving averages and Fibonacci retracements
RES 4: Y138.09 High July 16
RES 3: Y137.79 Hourly resistance July 16
RES 2: Y137.42 Hourly resistance July 17
RES 1: Y137.18 Hourly support July 17 now resistance
LPRICE: Y137.01
SUP 1: Y136.71 Hourly support July 18
SUP 2: Y136.23 2014 Low Feb 4, 55-WMA
SUP 3: Y134.94 Falling daily channel base
SUP 4: Y134.10 Low Nov 20 2013
EUR/GBP bounced a little from above the fresh 2014 and nearly 2 year lows set Thursday & falling daily wedge base, but bears continue to retain overall focus on the 2012 low. Initial resistance remains on the hourlies in the Gbp0.7918-38 region with bulls needing a close above Gbp0.7938 to confirm an easing of bearish pressure and above Gbp0.7980 to shift focus back to the key Gbp0.8033 level. Initial support is now noted on the hourlies at Gbp0.7902.
RES 4: Gbp0.7980 Hourly resistance July 2
RES 3: Gbp0.7959 21-DMA
RES 2: Gbp0.7938 Hourly resistance July 15
RES 1: Gbp0.7918 Hourly resistance July 16
LPRICE: Gbp0.7905
SUP 1: Gbp0.7902 Hourly support July 17
SUP 2: Gbp0.7887 Low Sept 5 2012
SUP 3: Gbp0.7870 Weekly Bollinger band base
SUP 4: Gbp0.7810 Monthly Low Aug 16 2012
