EUR/USD: Risks Fade Ahead of 100-Day Moving Average. The pair holds above the former 61.8% retracement level, which had capped at $1.2444, with this level now turning support, although the daily studies are showing some signs of fading. This comes as the 100-day moving average declines to $1.2589 and bulls need to regain this level and Fibonacci level at $1.2666 to stage a further recovery.
RES 4: $1.2705/27 Resistance line 29 Aug, 23.6% of $1.4940-$1.2043
RES 3: $1.2693 Rising implied channel top, High 29 June
RES 2: $1.2666 50% retracement of May/Jul decline
RES 1: $1.2589 100-day moving average
LATEST PRICE: $1.2538
SUP 1: $1.2444 Early August high
SUP 2: $1.2405 21-day moving average
SUP 3: $1.2384/90 Support line from 25 July, 55-day moving average
SUP 4: $1.2242 Low 10 Aug
GBP: Bulls Fade at Fibonacci Level. GBP corrected back into it’s Bollinger band of $1.5900, with the move accompanied by a downturn in the daily studies. This comes after a test of Fibonacci level at $1.5908. Support is from the 100, 21 and 200-DMAs within $1.5721/45. Looking at Fibonacci support levels, while $1.5913 remains the high, main levels are at $1.5740/51, $1.5701/14, $1.5686, $1.5632/53/67, $1.5591 (main) and also $1.5515.
RES 4: $1.6115 Low 7 May
RES 3: $1.6058/62 76.4% retracement, High 2 April
RES 2: $1.5998 Implied Channel top
RES 1: $1.5908/13 61.8% retracement of May/Jun decline, High 23 Aug
LATEST PRICE: $1.5826
SUP 1: $1.5745 100-day moving average
SUP 2: $1.5721 21, 200-day moving average
SUP 3: $1.5652 55-day moving average
SUP 4: $1.5621/37 Support line 12 July, Low 16 Aug
USD/JPY: Studies Weaken. USD/JPY pulled away from the Y79.00/14 Ichimoku cloud as daily studies delivered negative signals. This has bear’s attention on the Y78.05 support line from 1 June, while bulls need to recover that Ichimoku cloud.
RES 4: Y79.40/66 100-DMA, High 20 Aug
RES 3: Y79.29 200-day moving average
RES 2: Y79.00/14 55-DMA, Tenkan line, Parameters of Ichimoku cloud
RES 1: Y78.80 Kijun line
LATEST PRICE: Y78.62
SUP 1: Y78.27 Low 22 August
SUP 2: Y78.06 Support line from 1 June, 1% Moving average envelope
SUP 3: Y77.95 Bollinger band
SUP 4: Y77.66 Low 1 June
EUR/JPY: Studies Soft but Bulls Test Declining Ichimoku Cloud. EUR/JPY sees soft daily studies but bulls are trying to push above the Ichimoku cloud, which is declining to parameters of Y96.82/Y98.60. This comes after bounce off the 55-day moving average,
now at Y97.87. Looking at Fibonacci support levels, while Y99.19 remains the high, main levels are at Y97.86, Y97.46/56, Y97.25, Y97.05 (main), Y96.55/65 and also Y96.05.
RES 4: Y100.00 100-day moving average
RES 3: Y99.46/67 Bollinger band, 76.4% retracement of July pullback
RES 2: Y99.19 High 21 Aug
RES 1: Y98.60 Ichimoku cloud top
LATEST PRICE: Y98.57
SUP 1: Y97.87 55-day moving average
SUP 2: Y97.64 21-day moving average
SUP 3: Y96.82 Base of the Ichimoku cloud
SUP 4: Y96.67 Kijun line
EasyForexNews Research Team