EUR/USD took out the previous key support region noted $1.3503-12 before bouncing from ahead of the 2014 low. Layers of resistance remain in the $1.3541-87 region with bulls needing a close above $1.3587 to confirm an easing of bearish pressure and a shift in focus to layers of resistance $1.3628-1.3701. Of some concern to bears are the O/S daily Slow Stochastic and the proximity of the Bollinger base ($1.3512) with closes below a rarity.
RES 4: $1.3628 High July 15
RES 3: $1.3587 Hourly support July 15 now resistance
RES 2: $1.3574 High July 16
RES 1: $1.3541 High July 17
LPRICE: $1.3540
SUP 1: $1.3491 Low July 18
SUP 2: $1.3477 2014 Low Feb 3
SUP 3: $1.3463 Weekly Bollinger band base
SUP 4: $1.3421 200-WMA
The dip below the $1.7059 level lacked follow through on Friday but bulls still need to see a close above $1.7151 to regain dominance and shift overall focus back to the rising daily channel top. While $1.7151 caps bears hold out hope for further dips that initially target the $1.7007 support with a close below needed to hint at a deeper correction that initially targets $1.6920-48 with the 55-DMA at $1.6947.
RES 4: $1.7238 Rising daily channel top
RES 3: $1.7198 High Oct 21 2008
RES 2: $1.7191 2014 High July 15
RES 1: $1.7151 Hourly resistance July 16
LPRICE: $1.7096
SUP 1: $1.7074 Hourly support Low July 21
SUP 2: $1.7035 Low July 18
SUP 3: $1.7007 Low June 27
SUP 4: $1.6999 38.2% Fibonacci $1.6696-1.7191
USD/JPY finds support around the 55-WMA and ahead of the key Y100.75-82 support region. A close below the 55-WMA was last seen back in last 2012 with a close below likely to weigh. Layers of resistance remain clustered tightly in the Y101.45-102.35 region with bulls needing a close above Y101.63 to confirm an easing of bearish pressure and a close above the 200-DMA to shift focus back to the Y102.20-35 region where the Bollinger band top is located.
RES 4: Y102.00 200-DMA
RES 3: Y101.80 High July 16
RES 2: Y101.63 Hourly support July 17 now resistance
RES 1: Y101.45 Hourly resistance July 21
LPRICE: Y101.18
SUP 1: Y101.10 55-WMA
SUP 2: Y100.82 Falling daily channel base, Mthly low May 21
SUP 3: Y100.75 2014 Low Feb 4
SUP 4: Y100.45 High Nov 15 2013 now support
ERU/JPY closed last week marginally below the 55-WMA (Y137.36) for the first weekly close below since Nov 2012 and adds weight to the bearish case. Layers of resistance remain on the hourly time frame with bulls needing a close above Y137.42 to ease the current bearish pressure and above the Y138.09 July 16 high to shift focus to further layers of resistance Y138.28-139.51 which includes key moving averages and Fibonacci retracements.
RES 4: Y138.28 21-DMA
RES 3: Y138.09 High July 16
RES 2: Y137.79 Hourly resistance July 16
RES 1: Y137.42 Hourly resistance July 17
LPRICE: Y137.06
SUP 1: Y136.71 Hourly support July 18
SUP 2: Y136.23 2014 Low Feb 4
SUP 3: Y134.86 Falling daily channel base
SUP 4: Y134.10 Low Nov 20 2013
EUR/GBP has bounced a little from above the fresh 2014 and nearly 2 year lows set last Thursday & falling daily wedge base, but bears continue to retain overall focus on the 2012 low. Initial resistance remains on the hourlies at Gbp0.7938 with bulls needing a close above Gbp0.7938 to confirm an easing of bearish pressure and above Gbp0.7980 to shift focus back to the key Gbp0.8033 level. Initial support is remains on the hourlies at Gbp0.7902
RES 4: Gbp0.8033 High June 25
RES 3: Gbp0.7980 Hourly resistance July 2
RES 2: Gbp0.7956 Falling wedge top, 21-DMA
RES 1: Gbp0.7938 Hourly resistance July 15
LPRICE: Gbp0.7919
SUP 1: Gbp0.7903 Hourly support July 17
SUP 2: Gbp0.7887 Low Sept 5 2012
SUP 3: Gbp0.7881 Bollinger band base, Falling wedge base
SUP 4: Gbp0.7810 Monthly Low Aug 16 2012
