EUR/USD: Key Resistance Levels Just Above. The pair is consolidating below Friday’s highs, the 200-DMA and the falling daily trend line from late Mar highs after getting a little ahead of itself and closing above the 21 day upper Bollinger band ($1.2741) to end the week. Back below the hourly breakout level from Sept 7 is needed to place the move higher in doubt.
RES 4: $1.3284 – Monthly high May 1
RES 3: $1.3065 – High May 7
RES 2: $1.3000 – Psychological level & previous key daily support
RES 1: $1.2836 – 200 day moving average
LATEST PRICE: $1.2786
SUP 1: $1.2755 – Hourly support Sept 7
SUP 2: $1.2650 – Hourly breakout level Sept 7
SUP 3: $1.2504 – Low Sept 5
SUP 4: $1.2466 – Low Aug 28
GBP/USD: Rising Channel Top Capping For Now. In GBP, tests of the rising 21 day upper Bollinger band are expected to continue with pressure to remain on the $1.6051 resistance level, and a break higher then seeing the 2012 highs come back into focus. Rising daily trend line supports around the $1.5860 level with a close below needed to shift initial focus back to the 100 and 200-DMAs.
RES 4: $1.6302 – 2012 high April 30
RES 3: $1.6201 – High May 4
RES 2: $1.6121 – High May 14
RES 1: $1.6051 – Previous daily support now resistance
LATEST PRICE: $1.5996
SUP 1: $1.5924 – Low Sept 7
SUP 2: $1.5860 – Rising daily trendline from Aug 3 low
SUP 3: $1.5819 – 21 day moving average
SUP 4: $1.5756 – Low Aug 28
USD/JPY: Focus on retests of 2012 lows. A double daily top could be place in dollar-yen with the 100 and 200-DMAs, and a medium term falling daily trend line adding significance to the layers of resistance noted in the Y79.00-30 region. Until the pair can manage a close above this region focus remains on retests of the 2012 lows although a flat lower Bollinger (Y77.92) is likely to initially slow any move lower.
RES 4: Y79.66 – Monthly high Aug 20
RES 3: Y79.50 – 21 day upper Bollinger band
RES 2: Y79.31 – 200 day moving average
RES 1: Y79.01 – Double daily top Sept 6 & 7
LATEST PRICE: Y78.24
SUP 1: Y77.93 – Monthly low Aug 1
SUP 2: Y77.66 – Monthly low June 1
SUP 3: Y76.04 – Monthly low Feb 1
SUP 4: Y75.32 – Monthly low Oct 31
EUR/JPY: Bulls Targeting 200-DMA. EUR/JPY remains confined to a rising channel on the daily timeframe with the upper projection coming around the 200-DMA and making this an ideal initial topside target. To ease topside pressure a close below the Y99.01 break out level is needed while back below Y98.01 support is needed to shift focus back to 2012 lows.
RES 4: Y104.43 – High May 8
RES 3: Y101.83 – 200 day moving average
RES 2: Y101.61 – High June 21
RES 1: Y100.81 – High July 3
LATEST PRICE: Y100.03
SUP 1: Y99.82 – Hourly support Sept 7
SUP 2: Y99.01 – Previous daily resistance now support
SUP 3: Y98.01 – Multiple daily lows Aug
SUP 4: Y97.88 – Ichimoku Cloud top
EasyForexNews Research Team