EUR/USD: Daily Studies Stretched As Bears Eye Jul 24 Supp Line. The pair moves lower again to test our initial support level, the daily Bollinger band base at $1.3026. Daily studies are bearish while weekly studies are flat. Further support seen around $1.2985/87/94, the 50.0% of $1.2662-1.3308, a Jul 24 support line and the 55-DMA. Bulls will try to test the former May 1 trendline as resistance, seen at $1.3078. A break above here will likely encourage bulls to challenge further resistance around $1.3150/56/59.
RES 4: $1.3487/91 High Feb 2012, 50.0% of $1.4940 to $1.2043
RES 3: $1.3388 100-week MA
RES 2: $1.3292/3308 Upper Bollinger Band, High Dec 19
RES 1: $1.3150/56/59 38.2% of $1.4940-1.2043, 23.6% of $1.2662-1.3308, 21-DMA
LATEST PRICE: $1.3045
SUP 1: $1.3026 Lower daily Bollinger band
SUP 2: $1.2985/87/94 50.0% $1.2662-1.3308, Jul 24 supp, 55-DMA
SUP 3: $1.2909/38/39 61.8% of $1.2662 to $1.3308, 21-week MA, 100-DMA
SUP 4: $1.2814 76.4% of $1.2662 to $1.3308
GBP/USD: Bears Look To Slip Below Jun 2012 Support Line. GBP continues to push lower following the failed test of the former Nov 16 support line. Initial resistance now seen at $1.6060/63/67, the 100-DMA, 55-DMA and Dec 27 low. Daily studies remain in a slight downtrend and initial support seen at $1.5991/93/95, the 50.0% of $1.6747-1.5235, Jan 10 low and lower daily Bollinger band. A break below here will bring bears to the Jun 2012 support line at $1.5954 alongside the 76.4% and 100-week MA at $1.5959/61.
RES 4: $1.6312 Upper daily Bollinger band
RES 3: $1.6214 Former Apr 2011 Trendline
RES 2: $1.6147/53 Former Support line from Nov 16, 21-DMA
RES 1: $1.6060/63/67 100-DMA, 55-DMA, Low Dec 27
LATEST PRICE: $1.6009
SUP 1: $1.5991/93/95 50.0% of $1.6747-1.5235, Low Jan 10, Lower daily Bolli band
SUP 2: $1.5954/59/61 Jun 2012 supp line, 76.4% of $1.5829 to $1.6381, 100-wk MA
SUP 3: $1.5904 200-DMA
SUP 4: $1.5829/36/60 Low 15 Nov, 200-week MA, 55-week MA
USD/JPY: Bulls Looking To Break Above Y88.41, Jan 4 High. USD/JPY bounced from Y86.82 the 23.6% of Y81.63-Y88.41, initial support alongside the Tenkan line at Y87.04. Daily tech studies remain bearish and slow stochastic is in overbought territory, however strong buying pressure has pushed the pair in range to challenge the Jan 4 high, initial support at Y88.41. A break above here will likely return dollar-yen to a bullish trend and move to test further resistance at Y89.18/22.
RES 4: Y94.99 May 2010 reversal high
RES 3: Y93.99 38.2% Fibonacci of Y124.14 to Y75.35
RES 2: Y89.18/22 3.00% MA Envelope, Monthly Ichimoku cloud base
RES 1: Y88.41 High Jan 4
LATEST PRICE: Y88.15
SUP 1: Y86.82/87.04 23.6% of Y81.69-88.41, Tenkan line
SUP 2: Y85.75/84/85 23.6% of Y77.13-88.41, 38.2% of Y81.69-88.41, 21-DMA
SUP 3: Y85.26 Kijun line
SUP 4: Y84.85/85.05 200-week MA, 50.0% of Y81.69-88.41
EUR/JPY: Rises Despite Negative Studies, 23.6% Support Level Key. EUR/JPY ranging but the last three sessions made lower highs and lower lows despite the decent gains yesterday. Daily studies also remain bearish and 10-day momentum still shows slight negative divergence. Initial supp seen at Y114.60, the Tenkan line. A break below here will encourage bears to retest the 23.6% of Y105.98-115.99, a key supp level which the pair has failed at since Jan 3. However, bulls are holding on and look to break the Jan 2 high at Y115.99.
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: Y115.00
SUP 1: Y114.60 Tenkan line
SUP 2: Y113.63/70 23.6% of Y105.98 to Y115.99, Apr 2001 high
SUP 3: Y112.82/96 Nov 13 supp line, 21-DMA
SUP 4: Y112.17/29/50 61.8% Y123.33-94.12, 23.6% Y100.33-115.99, Dec 19 high
EasyForexNews Research Team