EUR/USD: Trades Under Former July Support Line. The pair slips below the July support line to hover around the $1.2900 level, while daily tech studies continue to point lower. Initial support now see as the Oct 11 low, 200-DMA and lower Bollinger band at $1.2826 to $1.2837. Further support seen as the Oct 1 low and 55-DMA at $1.2803/05. Bulls may try to regain control and test the former July support line, initial resistance at $1.2920.
RES 4: $1.3106 Upper Bollinger Band
RES 3: $1.3072/84 High Oct 5, Oct 22
RES 2: $1.2972 21-day moving average
RES 1: $1.2920/30 Former July support line – now resistance, 5-DMA
LATEST PRICE: $1.2901
SUP 1: $1.2826/35/37 Low Oct 11, 200-DMA, Lower Bolli band
SUP 2: $1.2803/05 Low 1 Oct, 55-DMA
SUP 3: $1.2741 38.2% retracement of Jul/Sep rally
SUP 4: $1.2608/20 50.0% Retracement of Jul/Sep rally, 100-DMA
GBP/USD: Fails At Key Sep 21 Trendline, Daily Studies Weak. GBP falls back from the key Sep 21 falling trendline, its move lower fell through the 21 and 5-DMAs but met support at the 55-DMA, now initial support alongside the lows of Oct 9 and 10 at $1.5997 to
$1.6019. Daily tech studies are turning bearish, 10-day momentum falls below the key zero-line, slow stochastics looks likey to cross and show a sell-signal. The key Sep 21 trendline is resistance at $1.6128.
RES 4: $1.6181 Upper Bollinger band
RES 3: $1.6178 High Oct 17
RES 2: $1.6128/41/43 Sep 21 trendline, High Oct 26, High Oct 25
RES 1: $1.6064/65/66 Frmer 23.6% of $1.5269-1.6309, 21-DMA, 5-DMA
LATEST PRICE: $1.6034
SUP 1: $1.5997/6019 Lows 9 & 10 Oct, 55-day moving average
SUP 2: $1.5949 Lower Bolli band
SUP 3: $1.5912 38.2% of $1.5269-$1.6309 move & High Aug 23
SUP 4: $1.5835/40 100 & 200-day moving averages
USD/JPY: Daily Studies Slide Following Bearish Outside Day. USD/JPY remains bearish following the bearish outside day pattern/bearish engulfing pattern, daily tech studies also point lower. Initial support now seen at Y79.26, the 38.2% retracement level of the Sep 28 to Oct 26 rally. Further support seen around Y78.82 to Y79.01, the 100 and 21-DMAs and the Kijun line. While the current trend is bearish, we note the future Ichimoku cloud shows a bullish crossover.
RES 4: Y81.49 61.8% Fibonacci of Mar/Sep decline
RES 3: Y80.55/62/65 Highs May 15, Jun 25, 50% Fibo Of Mar/Sep decline
RES 2: Y80.34/38 Oct 25 and Oct 26 highs
RES 1: Y80.00 High Oct 23
LATEST PRICE: Y79.47
SUP 1: Y79.22/26 High Sep 19, 38.2% of Sep to Oct rally
SUP 2: Y78.82/91/79.01 100-DMA, Kijun Line, 21-DMA
SUP 3: Y78.40 Top Ichimoku cloud
SUP 4: Y78.25 Base of Ichimoku cloud
EUR/JPY: Daily Studies Bearish. EUR/JPY testing support again as daily tech studies sloide following the bearish engulfing candle posted on Oct 23. Currently, the pair found support from the 200-DMA and Kijun line at Y102.09/11, also initial support. Further support seen as the rising Jul Channel base at Y101.56, followed by the Ichimoku Cloud top at Y101.29. We see bears in control as the 10-day momentum study shows a sell-signal.
RES 4: Y105.65 Low Mar 6
RES 3: Y104.71/73 61.8% Fib Mar/Jul fall, Sep 17 Res ln
RES 2: Y104.59/61 High Oct 23, Rising channel upper
RES 1: Y103.38 Tenkan Line
LATEST PRICE: Y102.62
SUP 1: Y102.09/11 200-DMA, Kijun Line
SUP 2: Y101.56 Rising Jul Channel base
SUP 3: Y101.29 Ichimoku Coud top
SUP 4: Y100.78/79 Former 23.6% Fibonacci of Y102.80-100.16, 55-DMA
EasyForexNews Research Team