EUR/USD: Focus on Fibonacci Level, 21-DMA. The daily stochastic study forms a bear-cross, while 10-day momentum is flirting with the zero line, keeping bear’s attention on the 21-DMA, which rises to $1.2279. Main resistance is Fibonacci level at $1.2445, but while $1.2444 remains the high, there are additional Fibonacci supports at $1.2243 and $1.2195. There are also minor upside trendlines at $1.2466 and $1.2505.
RES 4: $1.2539 76.4% retracement of July pullback
RES 3: $1.2470/78 Bollinger band, 61.8% retracement of $1.2748/1.2042
RES 2: $1.2444/45 High 6 Aug, 61.8% retracement of July pullback
RES 1: $1.2395 55-Day moving average
LATEST PRICE: $1.2343
SUP 1: $1.2242/79 Low 10 Aug, 21-day moving average
SUP 2: $1.2134 Low 2 Aug
SUP 3: $1.2100 Bollinger band
SUP 4: $1.2042 Low 24 July
GBP/USD: Pushes Over 200-DMA. GBP attempts to sustain break over the 200-day moving average at $1.5718 with support from the daily stochastic study and from the 55 & 21-DMAs at $1.5599, $1.5635. Bulls now face the $1.5753 100-DMA and Fibonacci resistance at $1.5786 (a 50% retracement of the decline from 30 April to June 1.
RES 4: $1.5908 61.8% retracement of May/Jun decline
RES 3: $1.5807/10 April lows
RES 2: $1.5753/68/86 100-DMA, High 27 July, 50% of May/Jun decline
RES 1: $1.5745 High 16 Aug
LATEST PRICE: $1.5710
SUP 1: $1.5633 21-day moving average
SUP 2: $1.5563/99 Support line 12 July, 55-day moving average
SUP 3: $1.5478/90 Bollinger band, Low 2 Aug
SUP 4: $1.5459 Low 25 July
USD/JPY: Stochastic Study Remains Firm. USD/JPY continues to see a firm stochastic study as bulls push over the 200-DMA of Y79.21 as well as into the Ichimoku cloud of Y79.14/62. However, the move is also pushing out of the Bollinger band, sending a warning to bulls. Additional support comes from MA & Ichimoku studies within Y78.92/79.05 and Y78.49/78.
RES 4: Y80.26 2% moving average envelope
RES 3: Y79.70 100-day moving average
RES 2: Y79.62 Top of the Ichimoku cloud
RES 1: Y79.41 High 16 Aug
LATEST PRICE: Y79.32
SUP 1: Y77.66/77 Low 1 June, Bollinger band
SUP 2: Y77.11 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 Fade. EUR/JPY sees the daily studies start to fade as the market tests the Y98.00 55-DMA ahead of Fibonacci level at Y98.76. Initial support comes from the 5-DMA of Y97.33 and Tenkan line of Y96.96 with the Kijun line and 21-day moving average at Y96.16/37.
RES 4: Y99.05 2%
RES 3: Y98.76/94 61.8% of “July” pullback, Base of the Ichimoku cloud
RES 2: Y98.44 Bollinger band
RES 1: Y98.00/17 55-day moving average, High 16 Aug
LATEST PRICE: Y97.94
SUP 1: Y95.72 Low 10 Aug
SUP 2: Y94.93/95.10 Low 2 Aug, 2% MAE
SUP 3: Y94.38 Bollinger band
SUP 4: Y94.12 Low 25 July
EasyForexNews Research Team