EUR/USD: Recovers 21-DMA to Test Fibonacci Level. The pair recovers from the $1.28035 low to break above the 21-DMA, which turns support at $1.2844. This has bulls focused on a one-year trendline at $1.3107, although a 61.8% Fibonacci retracement of the September decline also come in at $1.3032, which capped Thursday.
RES 4: $1.3173 – High 17 Sep
RES 3: $ 1.3132 – Bollinger Band
RES 2: $1.3107 – One year trendline
RES 1: $1.3032 – High Oct 4, 61.8% retracement of Sep pullback
LATEST PRICE: $1.3015
SUP 1: $1.2844/49/57 – 21, 5-day moving average, Minor support line
SUP 2: $1.2824 – 200 day moving average
SUP 3: $1.2714 – Support line from July
SUP 4: $1.2690 – Bollinger band
GBP/USD: Builds Above 21-Day Moving Average. GBP sees the daily studies attempt recovery as the market overtakes the 5 & 21-day moving averages, which turn initial support at $1.6145/62. Bulls are now focused on Fibonacci level at $1.6018 and highs at $1.6273, $1.6310, while bears need to break back under that 21-DMA for to test a return to the $1.6067 low.
RES 4: $1.6451 – High Aug 29, 2011
RES 3: $1.6310/15 – 2012 high Sep 21, Bollinger band
RES 2: $1.6273 – High Sep 28
RES 1: $1.6203/18 – High 4 Oct, 61.8% retracement of Sep pullback
LATEST PRICE: $1.6194
SUP 1: $1.6145/62 – 5, 21 day moving average
SUP 2: $1.6035/67 – Bollinger band, Low Oct 3
SUP 3: $1.5913 – 38.2% retracement of $1.5270-$1.6310 move, High Aug 23
SUP 4: $1.5888 55-day moving average
USD/JPY: Daily Studies Recover. USD/JPY built off a band of support from Y78.08/40 and reached Y78.72, helped by recovering daily studies, before pulling back.Bulls attention now turns to the 100-day moving average and Bollinger band top as well as to the base of the Ichimoku cloud at Y78.83/91.
RES 4: Y79.33 – 200-day moving average
RES 3: Y79.22/27 – High Sep 19, Top of Ichimoku cloud
RES 2: Y78.91 – Base of Ichimoku cloud
RES 1: Y78.83 – 100-day moving average
LATEST PRICE: Y78.35
SUP 1: Y78.24/30 Kijun line, 5-DMA
SUP 2: Y78.08/13 – Tenkan line, 21-DMA
SUP 3: Y77.13/44 – Low Sep 13, Sep 28
EUR/JPY: Pushes Over 200-Day Moving Average. EUR/JPY also sees daily studies recover, including a bull-cross in the daily stochastic study and recovering momentum. The move pushes over the 200-day moving average, which turns initial support at Y101.76 and turns bull’s attention to a 61.8% retracement of the Sep pullback at Y102.25 ahead of a minor resistance line from April highs, coming in at Y102.99.
RES 4: Y103.86 – High Sep 17
RES 3: Y103.08 – Bollinger band
RES 2: Y102.99 – Resistance line from April
RES 1: Y102.25 – 61.8% retracement of September pullback
LATEST PRICE: Y102.00
SUP 1: Y101.76 – 200-day moving average
SUP 2: Y100.92/101.14 -Tenkan, Kijun line, 21-day moving average
SUP 3: Y100.27 – July support line
SUP 4: Y99.64 – Low Sep 27
EasyForexNews Research Team