EUR/USD: Recovery in Daily Studies. The pair holds atop the 5-day moving average at $1.2275, amid a recovery in the daily stochastic study. However, bulls need to recover the 21-DMA of $1.2403 to re-establish themselves. While $1.2162 remains the low, Fibonacci levels include $1.2365/85, $1.2428/55, $1.2490 and $1.2524 but bears remain focused on previous lows at $1.2151 and 50% retracement level at $1.2135.
RES 4: $1.2693 High 29 June
RES 3: $1.2562 55-day moving average
RES 2: $1.2403/07 21-day moving average, Low 28 June
RES 1: $1.2318 High 17 July
LATEST PRICE: $1.2289
SUP 1: $1.2162 Low 13 July
SUP 2: $1.2151 Low 29 June 2010
SUP 3: $1.2114/35 Bollinger band, 50% of euro range
SUP 4: $1.1881 Low June 2010
GBP/USD: Bull-Cross. GBP recovers the 21-DMA at $1.5587, which turns support as it forms a bull-cross with the 5-DMA. Bulls turn their attention to the 200-DMA of $1.5752 and the spike high from 18 June at $1.5802, encouraged by bull-signals from the 10-day momentum and stochastic studies. Initial support is that 5-DMA, at $1.5635.
RES 4: $1.5802 Spike high 18 June
RES 3: $1.5786/93 50% of May/June decline, 100-DMA
RES 2: $1.5723/52 High 2 July, Bollinger band, 200-day moving average
RES 1: $1.5676/79 55-day moving average, High
LATEST PRICE: $1.5657
SUP 1: $1.5587 21-day moving average
SUP 2: $1.5435 Bollinger band
SUP 3: $1.5389/93 76.4% retracement of June rally, Low 12 July
SUP 4: $1.5304 Interim low 8 June
USD/JPY: Trades Through Base of Ichimoku Cloud. USD/JPY breaks under the base of the Ichimoku cloud and 200-DMA of Y78.92/79.07 as the daily studies remain weak, keeping bear’s attention on June lows of Y77.66.
RES 4: Y80.32/63 Top of Ichimoku cloud, 100-DMA, High 2 May, 25 June
RES 3: Y79.36/62 Tenkan line, 21-day moving average, Kijun line
RES 2: Y79.07 200-day moving average
RES 1: Y78.92 Base of Ichimoku cloud
LATEST PRICE: Y78.60
SUP 1: Y78.28/36 High 25 Jan & 29 Nov, 76.4% retracement of June rally
SUP 2: Y77.66 Low 1 June, 2% MAE
SUP 3: Y76.32/37 Daily lows Aug 2011
SUP 4: Y76.03/16 Low 1 Feb 2012, 19 Aug, 23 Sep 2011
EUR/JPY: Daily Studies Seek Base. EUR/JPY bears grind towards the June low of Y95.59 with initial focus on the recent low of Y96.17. However, the daily studies are showing recovery signs so bulls will want to build on these and turn focus back to MA & Ichimoku resistance at Y87.65 and Y98.34/66
RES 4: Y98.91/99 Kijun line, Base of the Ichimoku cloud
RES 3: Y98.66 21-day moving average
RES 2: Y98.34 Low 28 June
RES 1: Y97.65 Tenkan line
LATEST PRICE: Y96.56
SUP 1: Y96.17 Low 16 June
SUP 2: Y95.59 Low 1 June
SUP 3: Y95.45 Bollinger band
SUP 4: Y95.09/19 Support line from 16 Jan, 2% MAE
EasyForexNews Research Team