EUR/USD: Recovery in Daily Studies. The EUR still sees a recovery in the daily stochastic study. However, bulls need to recover the 21-DMA of $1.2390 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% level at $1.2135.
RES 4: $1.2693 High 29 June
RES 3: $1.2546 55-day moving average
RES 2: $1.2390/1.2407 21-day moving average, Low 28 June
RES 1: $1.2325 High 19 July
LATEST PRICE: $1.2260
SUP 1: $1.2162 Low 13 July
SUP 2: $1.2151 Low 29 June 2010
SUP 3: $1.2103/35 Bollinger band, 50% of euro range
SUP 4: $1.1881 Low June 2010
GBP/USD: Bull-Cross. The pair extends over the 5 and 55-DMAs at $1.5569/74, which turn support as they form another bull-cross. Bulls turn their attention to the 200-DMA and 100-DMAs of $1.5752 and $1.5793, encouraged by bull-signals from the 10-day momentum and stochastic studies.
RES 4: $1.5802 Spike high 18 June
RES 3: $1.5786/93 50% of May/June decline, 100-DMA
RES 2: $1.5752/65 200-day moving average, Bollinger band,
RES 1: $1.5735 High 19 July
LATEST PRICE: $1.5706
SUP 1: $1.5669/74 55, 5-day moving average
SUP 2: $1.5595 21-day moving average
SUP 3: $1.5425 Bollinger band
SUP 4: $1.5389/93 76.4% retracement of June rally, Low 12 July
USD/JPY: Trades Through Base of Ichimoku Cloud. USD/JPY breaks under the base of the Ichimoku cloud and 200-DMA of Y79.00/08 as the daily studies remain weak, keeping bear’s attention on June lows of Y77.66.
RES 4: Y80.30/63 Top of Ichimoku cloud, 100-DMA, High 2 May, 25 June
RES 3: Y79.46/54 21-day moving average, Kijun line
RES 2: Y79.00/08/19 Base of Ichimoku cloud, 200-DMA, Tenkan line
RES 1: Y78.80 5-day moving average
LATEST PRICE: Y78.62
SUP 1: Y78.28/36 High 25 Jan & 29 Nov, 76.4% retracement of June rally
SUP 2: Y77.54/66 2% MAE, Low 1 June
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. 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 Y97.14 and Y98.34/88.
RES 4: Y99.26 Base of the Ichimoku cloud
RES 3: Y98.88 Kijun line
RES 2: Y98.34/45 Low 28 June, 21-day moving average
RES 1: Y97.14 Tenkan line
LATEST PRICE: Y96.37
SUP 1: Y96.13 Low 19 June
SUP 2: Y95.59 Low 1 June
SUP 3: Y95.36 Bollinger band
SUP 4: Y95.07 Support line from 16 Jan, 2% MAE
EasyForexNews Research Team