EUR/USD: The pair leaves a bearish engulfing candle on the daily chart after failing to break above the $1.3416/17 level, the highs of Jun 18/19 and initial res. Daily studies are sharply lower from overbought levels, bears now eye support, initial supp at $1.3200/28, the Apr 17 high and former 50.0%. The pair may correct now but the 55-DMA just crossed above the 200-DMA, a bullish indicator, we could see bears test the 200-DMA at $1.3074.
R 4: $1.3416/17 Highs Jun 18, 19
R 3: $1.3390 High Jun 13
R 2: $1.3332/42 5-day moving average
R 1: $1.3306/08 High Jun 6, Reversal high Dec 19
Latest price: $1.3250
S 1: $1.3200/28 High Apr 17
S 2: $1.3157/80 21-DMA, 38.2% of $1.2797-1.3417
S 3: $1.3096/3107/15 100-DMA
S 4: $1.3061/74/77 High May 30, 200-DMA, 55-DMA
GBP/USD: The cross declines further and now trades below the 38.2% of $1.5009-1.5752 as daily studies fall further. Downward progress has met supp around the 38.2% of $1.4832-1.5752 and the 21-DMA, initial supp at $1.5401/17. A break below here would extend losses to the 55-DMA, at $1.5373, and the 100-DMA, at $1.5323. Weekly studies remain bullish for now but are a bit weaker if bulls hold above supp they could retest the channel base, now at $1.5688.
R 4: $1.5688/90 200-DMA
R 3: $1.5600/06/16 5-DMA, 50.0% of $1.6381-1.4832, Low Jun 14
R 2: $1.5566/77 Low Jun 18, 23.6% of $1.5009-1.5752
R 1: $1.5535 23.6% of $1.4832-1.5752
Latest price: $1.5430
S 1: $1.5401/17/24 38.2% of $1.4832-1.5752, 21-DMA
S 2: $1.5373/80 55-DMA, 50.0% of $1.5009-1.5752
S 3: $1.5314/23 May 10 low, 100-DMA
S 4: $1.5281/86/93 Highs May 20, 17
USD/JPY: The pair continues to make gains while daily studies begin to move sharply higher. Current price action hit the 50.0% of Y90.88-103.74, initial res at Y97.31 and just below the daily Ichimoku cloud base and Aug 2009 high at Y97.67/79. Weekly studies appear to be a little stronger but monthly studies still look overbought and about to reverse lower. If bulls fail to move much further higher we expect bears to regain control, key res around Y98.80.
R 4: Y99.17/28 55-DMA, High Jun 10
R 3: Y98.76/83 Wkly Tenkan Dly Kijun & 50% Y103.74-93.79
R 2: Y98.45/49 High May 6, Low Apr 23
R 1: Y97.31/67/79 50.0% of Y90.88-103.74, Aug 2009 high
Latest price: Y97.00
S 1: Y95.77/79/81 High Jun 18, 61.8% of Y90.88-103.74, High Jun 14
S 2: Y94.99/95.22 May 2010 reversal high & Jun 7 reversal low, Jun 17 high
S 3: Y93.91/98/99 76.4% of Y90.88-103.74, Wkly Kijun
S 4: Y93.28/53/57 Dly Bolli band base, Mar 25 low
EUR/JPY: The cross moves further into the daily Ichimoku cloud, is nearing a strong resistance level seen around Y129.38 to Y129.65, the 21-DMA, weekly Tenkan, daily Kijun and the 55-DMA. Bulls will likely look to test this level, a break above would see a test of the cloud top at Y129.87 and the former 23.6% at Y130.33. However, weekly studies still slide and monthly studies are at overbought levels, initial support still at Y127.49, the Jun 6 low.
R 4: Y131.12/18 High Apr 11, Low May 15
R 3: Y129.82/87/91/97 Highs Apr 25 & May 2, Low May 23
R 2: Y129.38/39/65 21-DMA, Weekly Tenkan line & Daily Kijun line, 55-DMA
R 1: Y128.93/98 High May 1, Low May 8
Latest price: Y128.55
S 1: Y127.49 Jun 6 low
S 2: Y126.81/96/127.06 100-DMA, 21-week MA & High Jun 17, Apr 29 low
S 3: Y125.94/126.04/18 high Mar 12, Jun 7 low
S 4: Y125.57 Jun 17 low