EUR/USD: The pair now trades below the former Jul 2012 support line, now initial resistance at $1.2870, just below the 5-DMA at $1.2873. Bulls may try to retest this level as resistance, however the weekly chart shows an almost completed Head & Shoulders pattern, the right shoulder is nearly finished and the neckline lies at $1.2775. Studies are bearish and a break and close below here would further encourage bears and also target a measured move to $1.1772.
R 4: $1.2993/3009 55-DMA, 200-DMA
R 3: $1.2962 5-week MA
R 2: $1.2936 Low May 10
R 1: $1.2870/73 5-DMA
Latest price: $1.2845
S 1: $1.2775/97 Low May 17
S 2: $1.2746 Reversal low Apr 4
S 3: $1.2702 Weekly Bollinger band base
S 4: $1.2662/80 Nov 2012 reversal low
GBP/USD: The cross continues to decline following its channel break on the daily chart while wkly studies have confirmed a slow stochastic sell-signal. Other tech studies also slide as focus turns to support, initial support at $1.5158/74, the lows of May 17 and 15 and further support at $1.5114/28, the lower daily Bolli and 61.8% of $1.4832 to $1.5606. The channel break still targets a measured move to $1.5025, ahead of here supp at $1.5098, the mthly Bolli base.
R 4: $1.5310/14 Former 38.2% of $1.4832-1.5606, May 10 low
R 3: $1.5286 High May 17
R 2: $1.5251 55-DMA
R 1: $1.5207/15/19 Low May 14, 5-DMA
Latest price: $1.5195
S 1: $1.5158/74 Lows May 17, 15
S 2: $1.5114/28 Lower daily Bollinger band
S 3: $1.5098 Monthly Bollinger band base
S 4: $1.5015/25 76.4% of $1.4832-1.5606
USD/JPY: The pair left another new high but still tests the former Feb 11 resistance line as support, now initial support at Y102.16. Daily studies are beginning to look more bearish as slow stochastic is weaker and may form a sell-signal soon while 10-day momentum declines. A break below initial support may target the daily Tenkan line at Y100.94 and further support at Y100.54/78/79, the May 10 low, 23.6% and May 9 high.
R 4: Y105.50 61.8% Fibonacci of Y124.14 to Y75.35
R 3: Y103.64/78/83 Daily Bolli top, Reversal low June 2012
R 2: Y103.31/41 High May 17, 3.00% MA envelope top
R 1: Y102.76 High May 15
Latest price: Y102.65
S 1: Y102.16 Feb 11 former resistance line – now support
S 2: Y101.40/45 1.00% MA envelope top, Reversal high Apr 2009
S 3: Y100.94 Daily Tenkan line
S 4: Y100.54/78/79 May 10 low, May 9 high
EUR/JPY: EUR pushed higher but failed to test the May 14 high at Y132.77, price action today already pushed lower to test support, before bouncing from just above the daily Tenkan line, part of initial support which is seen at Y130.70/88/99, the Apr 22 high, daily Tenkan line and hourly low. Daily studies are overbought to bearish and a break below initial support would test support at Y130.42, the May 8 high and Y130.14, the 21-DMA.
R 4: Y135.86 4.00% MA envelope top
R 3: Y134.27/56 Weekly Bollinger band top
R 2: Y132.99/133.12/27 2% MA envelope top, Feb 6 res line
R 1: Y132.77 High May 14
Latest price: Y131.90
S 1: Y130.70/88/99 Apr 22 high, Daily Tenkan line, Hourly low
S 2: Y130.42 May 8 high
S 3: Y130.14 21-day moving average
S 4: Y129.55 23.6% of Y119.11-132.77