EUR/USD: Bears Target Break Below Jul 24 Support Line At $1.2964. The pair fades from the former May 1 trendline after retesting this as resistance following the double-top reversal pattern. Daily and weekly studies are bearish, however monthly studies remain bullish. Initial resistance seen at $1.3081, the former May 1 trendline. However bears will look to test initial support, seen around $1.2964 to $1.2987, consisting of a Jul 24 support line, lower Bollinger band, the 50.0% level and 55-DMA.
RES 4: $1.3308/19 High Dec 19, Upper Bollinger Band
RES 3: $1.3147/3156 21-DMA, 23.6% of $1.2662 to $1.3308
RES 2: $1.3109 5-day moving average
RES 1: $1.3081 Former May 1 trendline
LATEST PRICE: $1.3039
SUP 1: $1.2964-87 Jul 24 supp, Lower Bolli band, 50.0% $1.2662-1.3308, 55-DMA
SUP 2: $1.2909/2922 61.8% of $1.2662 to $1.3308, 100-DMA
SUP 3: $1.2814 76.4% of $1.2662 to $1.3308
SUP 4: $1.2780 200-day moving average
GBP/USD: Bears Eye 200-DMA At $1.5902 After Shooting-Star Reversal. The cross pushing south towards the lower daily Bollinger band, initial support at $1.6020. Daily studies remain bearish following the shooting-star reversal pattern and bears will be targeting a move to the Jun 2012 support line, further support at $1.5914 alongside the 76.4% level and 100-week MA at $1.5959/61. Weekly studies are also bearish and monthly studies appear to be turning lower, the 200-DMA lies at $1.5902.
RES 4: $1.6303 Upper daily Bollinger band
RES 3: $1.6218 Former Apr 2011 Trendline
RES 2: $1.6161 21-DMA
RES 1: $1.6123 Support line from Nov 16
LATEST PRICE: $1.6030
SUP 1: $1.6020 Lower daily Bollinger band
SUP 2: $1.5941/59/61 Jun 2012 supp line, 76.4% of $1.5829-1.6381, 100-week MA
SUP 3: $1.5902 200-DMA
SUP 4: $1.5829/36/60 Low 15 Nov, 200-week MA, 55-week MA
USD/JPY: Bulls Fail To Break Jan 4 High At Y88.41. The pair currently pushing lower after failing to break above Y88.41, the Jan 4 high. Daily studies are fairly neutral but within overbought levels and we see initial support at Y86.59/82. the Tenkan line and 23.6% Y81.69-88.41. Bears will try to wrest control from bulls and a break below initial support will open the downside to the 200-week MA at Y84.85. Bulls require to break the Jan 4 high.
RES 4: Y94.99 May 2010 reversal high
RES 3: Y93.99 38.2% Fibonacci of Y124.14 to Y75.35
RES 2: Y89.22 Monthly Ichimoku cloud base
RES 1: Y88.41/49 High Jan 4, 3.00% MA Envelope
LATEST PRICE: Y87.81
SUP 1: Y86.59/82 Tenkan line, 23.6% of Y81.69-88.41
SUP 2: Y85.75/84 23.6% of Y77.13-88.41, 38.2% of Y81.69-88.41
SUP 3: Y84.85/85.05/07/14 200-W MA, 50.0% Y81.69-88.41, Kijun line, 21-DMA
SUP 4: Y84.18 Reversal high 15 Mar
EUR/JPY: Bulls Need To Break Y115.99, Bears Eye Nov 13 Support Line. EUR/JPY can’t regain the Jan 2 high of Y115.99 while 10-day momentum trends lower and shows slight negative divergence. Failure to break above Y115.99 could turn the pair bearish and see a move to the Nov 13 support line at Y111.93. Ahead of here, initial support seen as the Tenkan line at Y113.86. Daily stochastic study also begins to slide while weekly studies are slowing while looking quite stretched.
RES 4: Y119.51 Monthly Ichimoku cloud base
RES 3: Y117.98 55-month MA
RES 2: Y116.44 76.4% of Y123.33 to Y94.12
RES 1: Y115.99 High Jan 2
LATEST PRICE: Y114.36
SUP 1: Y113.86 Tenkan line
SUP 2: Y112.17/29/50 61.8% Y123.33-94.12, 23.6% Y100.33-115.99, Dec 19 high
SUP 3: Y111.92/93 21-DMA and Nov 13 supp line
SUP 4: Y110.99 Kijun line
EasyForexNews Research Team