EUR/USD: Back Above 200-DMA As Daily Tech Studies Rise. The pair rebounds slightly from the lower daily Bollinger band, also initial support at $1.2783. Price action today already broke above the 200-DMA at $1.2827 and the 55-DMA at $1.2869, however has consolidated below the 55-DMA. Daily tech studies are firmer, with slow stochastics currently showing a buy-signal, however we wait for the session close to confirm. Initial res at $1.2906, the former 23.6%.
RES 4: $1.3021/23 Highs Oct 31, Oct 25
RES 3: $1.2992 High Oct 12
RES 2: $1.2949 21-day moving average
RES 1: $1.2906 Former 23.6% Fibonacci of $1.2043-1.3172
LATEST PRICE: $1.2862
SUP 1: $1.2783 Lower daily Bollinger band
SUP 2: $1.2741 38.2% retracement of Jul/Sep rally
SUP 3: $1.2635 100-day moving average
SUP 4: $1.2608 50.0% Retracement of Jul/Sep rally
GBP/USD: Lacks Direction, 100-Week MA Key Support At $1.5936. GBP remains under the Sep 21 falling trendline and above the 38.2% Retracement level as the pair struggles for direction. Daily tech studies languish around neutral as the daily Bollinger band narrows. The weekly chart shows strong support at $1.5936, the 100-week moving average and we note the current session shows a hammer, we await for the close to confirm. Initial res at $1.6052/53, the 55 & 21-DMAs.
RES 4: $1.6141/43/60 High Oct 26, High Oct 25, Upper Bollinger band
RES 3: $1.6087 Former Sep 21 falling trendline
RES 2: $1.6064 Frmer 23.6% of $1.5269-1.6309
RES 1: $1.6052/53 55-day moving average, 21-day moving average
LATEST PRICE: $1.6028
SUP 1: $1.5967 38.2% Jun/Sep, 61.8% of 28 Aug rally
SUP 2: $1.5936/47 100-week moving average, Lower daily Bollinger band
SUP 3: $1.5912 38.2% of $1.5269-$1.6309 move & High Aug 23
SUP 4: $1.5901 50% of Aug/Sep rally
USD/JPY: Daily Studies Weaker Following Harami Pattern. USD/JPY declines following the bearish inside-day/harami pattern, the pair moved lower breaking support levls to be turned away from the former 38.2% Fibonacci level at Y79.82, now initial support with the session low at Y79.81. Daily tech studies are also weaker and we see traders eyeing a move down to the 200-DMA at Y79.63. Initial resistance seen as the Oct 25 and 26 highs at Y80.34/38.
RES 4: Y81.49 61.8% Fibonacci of Mar/Sep decline
RES 3: Y80.97 Low Apr 23
RES 2: Y80.55/62/68 Highs May 15, Jun 25, Nov 2
RES 1: Y80.34/38 Oct 25 and Oct 26 highs
LATEST PRICE: Y80.11
SUP 1: Y79.81/82 Session low, 38.2% Fibonacci of Mar-Sep decline
SUP 2: Y79.63/66 200-DMA, August high
SUP 3: Y79.44/50 38.2% Sep-Oct rally, Low Oct 26, 21-DMA
SUP 4: Y79.22/28/32 High Sep 19, Low Oct 30, Kijun line
EUR/JPY: Rising Channel Lower Remains Key Support. EUR/JPY continues to test the lower channel support level as downside pressure mounts, however bulls are winning the struggle to keep the pair within the rising channel. Initial support at Y102.16/20, the channel lower and the 200-DMA. The weekly Tenkan line also forms support around Y102.05. Daily tech studies remain bearish, however 10-day momentum is a touch firmer. Initial res seen around Y103.87-99.
RES 4: Y105.25 Upper rising channel
RES 3: Y104.71/90 61.8% Fb Mar/Jul fall, Sep 17 Res ln
RES 2: Y104.59 Oct 23 monthly high
RES 1: Y103.87/94/99 High Sep 17, High Oct 31, High Nov 1
LATEST PRICE: Y103.09
SUP 1: Y102.16/20 200-day movng average, Rising Jul Channel base
SUP 2: Y101.36 55-day moving average
SUP 3: Y100.90 Ichimoku Coud top
SUP 4: Y99.66 100-day moving average
EasyForexNews Research Team