EUR/USD: Tests Fibonacci Level. The euro tested Fibonacci level at $1.2445 before pulling back within the Bollinger band. The daily studies are firm, but further Fibonacci resistance stands at $1.2478 and $1.2539, while the 5 & 21-DMAs turn support at $1.2319 and $1.2253.
RES 4: $1.2537/39 2% MAE, 76.4% of July pullback
RES 3: $1.2478 61.8% of $1.2748/1.2042
RES 2: $1.2444/45 High 6 Aug, 61.8% retracement of July pullback
RES 1: $1.2417/30 55-DMA, Bollinger band
LATEST PRICE: $1.2401
SUP 1: $1.2319 5-day moving average
SUP 2: $1.2253 21-day moving average
SUP 3: $1.2134 Low 2 Aug
SUP 4: $1.2042/75 Low 24 July, Bollinger band
GBP/USD: Trades Close to 21-DMA. GBP sees the 5, 55 & 21-DMAs turn support at $1.5577/82/96 as bulls face moving average and Fibonacci resistance from $1.5731 (200-DMA) to $1.5786 (a 50% retracement of the decline from 30 April to June 1. Studies are mixed, with 10-day momentum firm but the stochastic study weakening.
RES 4: $1.5908 61.8% retracement of May/Jun decline
RES 3: $1.5807/10 April lows
RES 2: $1.5768/86 High 27 July, Bollinger, 100-DMA, 50% of May/Jun decl
RES 1: $1.5731 200-day moving average
LATEST PRICE: $1.5597
SUP 1: $1.5577/96 5, 55, 21-day moving average
SUP 2: $1.5490 Low 2 Aug
SUP 3: $1.5427/59 Bollinger band, Low 25 July
SUP 4: $1.5393 Low 12 July
USD/JPY: Remains Below Ichimoku Cloud. The pair holds under the base of the Ichimoku cloud of Y79.42 with initial MA and Ichimoku resistance at Y78.61 and Y79.01/17. This is keeping bear’s attention on June lows of Y77.66, despite the daily studies turning higher, seeking a base. Initial light resistance is at Y78.35 from the 5-DMA and Tenkan line. There are also minor trendlines at Y77.96/79.00.
RES 4: Y79.72/84 Top of Ichimoku cloud, 2% MAE
RES 3: Y79.42/44 Base Ichimoku cloud, Bollinger band
RES 2: Y79.01/17 Kijun line, 55, 200-DMA
RES 1: Y78.61 21-day moving average
LATEST PRICE: Y78.27
SUP 1: Y77.66/70 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, although bulls face Fibonacci resistance at Y97.88 and Y98.76 as the 5 & 21-day moving averages turn support at Y96.33/49.
RES 4: Y99.29 Base of the Ichimoku cloud
RES 3: Y98.76 61.8% of “July” pullback
RES 2: Y98.15/23 2% MAE, Bollinger band, 55-day moving average
RES 1: Y97.72/88 Kijun line, 50% retracement of “July” pullback
LATEST PRICE: Y97.04
SUP 1: Y96.33/49 21, 5-day moving average
SUP 2: Y95.98 Tenkan line
SUP 3: Y94.93 Low 2 Aug
SUP 4: Y94.12/36 Low 25 July, 2% MAE, Bollinger band
EasyForexNews Research Team