EU TRANSPORTATION: Maersk: new 9y IPT

• RES 4: 152.31 High Feb 19 
• RES 3: 151.62 61.8% retracement of the Jan 10 - Apr 22 bear leg 
• RES 2: 151.21 High Mar 28 
• RES 1: 150.92 High Aug 1 
• PRICE: 147.56 @ 08:22 BST Aug 11
• SUP 1: 146.70 50-day EMA
• SUP 2: 146.64 1.0% 10-dma envelope
• SUP 3: 146.62 Low Aug 5
• SUP 4: 145.86 Low Jul 24  

USDJPY consolidated for much of the week, holding the bulk of the NFP losses. This has allowed a previously overbought condition to unwind, and keeps the downside argument in focus. The recent break and close below 147.53, the 20-day EMA, is a concern. A clear break of this support zone would undermine the recent bull theme. A break of last week’s 150.92 high would resume the uptrend.     

• RES 4: 0.8835 High May 3 2023  
• RES 3: 0.8800 Round number resistance
• RES 2: 0.8781 2.236 pro of the Mar 3 - 11 - 28 price swing
• RES 1: 0.8735/8769 High Aug 3 / High Jul 27 and the bull trigger 
• PRICE: 0.8662 @ 08:21 BST Aug 11
• SUP 1: 0.8611 Low Jul 31 
• SUP 2: 0.8597 50-day EMA 
• SUP 3: 0.8540 Low Jun 30 
• SUP 4: 0.8508 Low Jun 27

EUR/GBP corrected lower Thursday on the BoE rate decision, which sent prices through the weekly low. Despite the intraday weakness, support to watch remains out of reach for now at the 0.8611 50-day EMA. A clear break of it would strengthen a bear threat. More broadly, the trend set-up is bullish. Moving average studies remain in a bull-mode position highlighting a clear uptrend. Key resistance and the bull trigger is at 0.8769, the Jul 27 high.

• RES 4: 1.3681 High Jul 4
• RES 3: 1.3620 High Jul 10 
• RES 2: 1.3589 High Jul 24 
• RES 1: 1.3453 Low Aug 8
• PRICE: 1.3462 @ 08:20 BST Aug 11
• SUP 1: 1.3144 38.2% retracement of the Jan 13 - Jul 1 bull cycle
• SUP 2: 1.3041 Low Apr 14
• SUP 3: 1.3000 Round number support 
• SUP 4: 1.2945 50.0% retracement of the Jan 13 - Jul 1 bull cycle   

Prices are higher again early Monday, building on the gains posted after the break of the 50-day EMA on the hawkish turnout to the August BoE rate decision. This firms the speed of the recovery off the 1.3142 pullback low and signals a greater probability of a bullish reversal. For now, S/T momentum is still pointed higher, with the Jul 24 high of 1.3589 the next notable upside level. While the bounce off the pullback low persists, the more medium-term trend remains bearish - but the risk of a return to recent lows has fallen.