EUR/USD: Recovers 21-Day Moving Average. The bulls-crossed 21 and 5-DMAs provide initial support/resistance at $1.2248/75 as the daily stochastic study continues to recover. However, bulls are struggling to build on these studies towards Fibonacci retracements of the July pullback at $1.2397 and $1.2480. Main nearby support is last week’s $1.2042 low with some interim Fibonacci support at $1.2216 and $1.2175.
RES 4: $1.2480 61.8% retracement of July pullback
RES 3: $1.2440/60 55-day moving average, 2% MAE
RES 2: $1.2407 Low 28 June
RES 1: $1.2375/90/97, Bollinger, High 27 Jul, 50% of July pullback
LATEST PRICE: $1.2253
SUP 1: $1.2248 21-day moving average
SUP 2: $1.2105 Bollinger band
SUP 3: $1.2042 Low 24 July
SUP 4: $1.1970 2% moving average envelope
GBP/USD: Pullback Below 21-Day Moving Average. GBP saw a significant weakening in the 10-day momentum study as the market falls below what is now initial resistance from the $1.5584 21-DMA. This turns bear’s attention towards the July lows from $1.5459.
RES 4: $1.5780/86 100-DMA, 50% of May/Jun decline
RES 3: $1.5740/68 200-day moving average, Bollinger, High 30 July
RES 2: $1.5642 5-day moving average
RES 1: $1.5584/93 21, 55-day moving average
LATEST PRICE: $1.5545
SUP 1: $1.5481 Minor Fibonacci level
SUP 2: $1.5459 Low 25 July
SUP 3: $1.5393/00 Low 12 July, Bollinger band
SUP 4: $1.5269 Low 1 June
USD/JPY: Remains Below Ichimoku Cloud. The pair holds under the base of the Ichimoku cloud of Y79.38 with initial MA and Ichinoku resistance at Y78.82 and Y79.04/18. This is keeping bear’s attention on June lows of Y77.66, despite the daily studies turning higher, seeking a base.
RES 4: Y80.10/14 High 5 July, 38.2% retracement level
RES 3: Y79.72/88 Top of Ichimoku cloud, 2% MAE, Bollinger band
RES 2: Y79.01/38 Kijun line, 200, 55-DMA, Base Ichimoku cloud
RES 1: Y78.82 21-day moving average
LATEST PRICE: Y78.46
SUP 1: Y77.66 Low 1 June, Bollinger band
SUP 2: Y76.70 2% moving average envelope
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 also sees the daily studies attempt a recovery from oversold territory as the market overtakes the Tenkan line of Y95.74 and bulls turn their attention to Fibonacci levels from Y97.76. The 21-DMA is providing a stalling point, however, now at Y96.55.
RES 4: Y99.40/45/67 Ichimoku base, 38.2% level, 76.4% retracement
RES 3: Y98.36/61 Low 28 June, 55-DMA , 61.8% of July pullback
RES 2: Y97.33/76 High 27 July, Kijun line, 2% MAE, 50% of July pullback
RES 1: Y96.55 21-day moving average
LATEST PRICE: Y96.16
SUP 1: Y95.74 Tenkan line
SUP 2: Y94.35 Bollinger band
SUP 3: Y94.12 Low 25 July
SUP 4: Y93.69 50% Projection level
EasyForexNews Research Team