EUR/USD: Need Confirmation Of Close Above May 2011 Trend Line. Bulls are still attempting another break above the long-term resistance line from May 2011, but need to see confirmation with a close above this line. So far, price action is back below the daily Bolliner band top with double Fibonacci retracement also at $1.3027/52, where former is the 76.4% of $1.3140-$1.2662 and latter 76.4% of $1.3172-$1.2662.
RES 4: $1.3140/72 High 17 Oct, Failure high 17 Sep
RES 3: $1.3070/84 Resistance line from 29 Feb, High 22 Oct
RES 2: $1.3052 76.4% of $1.3172-$1.2662
RES 1: $1.3027/32 76.4% of $1.3140-$1.2662, Bollinger band top
LATEST PRICE: $1.2999
SUP 1: $1.2916 55-day moving averge
SUP 2: $1.2869/80 Low 23 Nov, Low 28 Nov
SUP 3: $1.2834 21-day moving average
SUP 4: $1.2795 200-day moving average
GBP/USD: Consolidating Between 21 & 55-DMAs. The pair is consolidating between the 21 & 55-day moving averages at $1.5959 & $1.6055 respectively. Above here, a 2-month channel resistance line is today valued at $1.6079 – falling 5 pips/session. Whilst this caps, the m/t risks appear to remain skewed lower as the daily studies begin to top out in overbought territory.
RES 4: $1.6175 Failure high 1 Nov
RES 3: $1.6135 High 2 Nov
RES 2: $1.6079 Resistance line from 21 Sep
RES 1: $1.6055/69 55-DMA, 50.0% of $1.6309-$1.5829
LATEST PRICE: $1.6046
SUP 1: $1.6030 5-day moving average
SUP 2: $1.5959/69 21-day moving average, 38.2% of $1.5829-$1.6056
SUP 3: $1.5923 100-day moving average
SUP 4: $1.5829/62 Low 15 Nov, 200-day moving average
USD/JPY: Bear-Divergence Sends Warning to Bulls. The JPY continues to weaken, but this move in dollar-yen comes in the face of bear-divergence from the fast 10-day momentum study and stochastic oscillator, which remains in sell-mode following reversal from overbought territory. Support is seen at Y81.49/69, where former is 23.6% of Y77.13-Y82.84. Resistance is at Y82.85 from a 38.2% retracement of the Y94.99 to Y75.35 move.
RES 4: Y83.30 High 2 Apr
RES 3: Y83.13 Resistance line from 6 Apr, 2011
RES 2: Y82.94 High 4 Apr
RES 1: Y82.84/85 High 22 Nov, 38.2% of Y94.99 to Y75.35
LATEST PRICE: Y82.43
SUP 1: Y81.49/69/97 23.6% of Y77.13-Y82.84, Low 28 Nov, Tenkan line
SUP 2: Y81.10 21-day moving average
SUP 3: Y80.68/95 High 2 Nov, Kijun Line
SUP 4: Y80.38 High 26 Oct
EUR/JPY: Y107.35 Fibonacci Level Under Pressure. Impressive bounce off Y105.28 continues as bulls turn their attention to the Y107.35 Fibonacci level. However, as with dollar-yen, there is a warning signal from the daily stochastic study, which has formed a bear-cross. Break over Y107.35 could turn attention to Y108.00 April high.
RES 4: Y108.73 50.0% of Y123.33 to Y94.12
RES 3: Y108.50 Top of the daily Bollinger band
RES 2: Y108.00 High 20 Apr
RES 1: Y107.35 76.4% retracement of Mar-July decline
LATEST PRICE: Y107.14
SUP 1: Y105.28/34 Low 28 Nov, Tenkan line of Ichimoku cloud
SUP 2: Y104.59 High 23 Oct
SUP 3: Y104.09 21-day moving average
SUP 4: Y103.69/74 Low 20 Nov, Kijun line
EasyForexNews Research Team