EUR/USD: Bears Met Support At $1.2880, Encouraging Bulls. The pair met support around $1.2880, the low of Nov 28, while daily studies appear to be slowing in their descent. Weekly studies have turned flat from bearish, which could mean the pair’s correction lower has stalled. Initial resistance seen as the 5-DMA at $1.2971, with the former 23.6% above that as resistance at $1.3017. Initial support seen as the 21 and 55-DMAs at $1.2911 and $1.2917.
RES 4: $1.3172 High Sept 17
RES 3: $1.3127/3129 Reversal High Dec 5, Upper Bollinger Band
RES 2: $1.3017 former 23.6% Fibonacci of $1.2662 to $1.3127
RES 1: $1.2971 5-day moving average
LATEST PRICE: $1.2948
SUP 1: $1.2911/2917 21-day moving average, 55-day moving average
SUP 2: $1.2880 Low 28 Nov
SUP 3: $1.2840 61.8% Fibonacci of $1.2662 to $1.3127
SUP 4: $1.2817 Jul 24 support line
GBP/USD: Bears Fail To Close Below 38.2% Level, Bulls Aim Higher. GBP bounces from around the $1.6000 level and retest the former Nov 15 support line as initial resistance at $1.6091, after failing to close below the 38.2% Fibonacci level. Weekly tech studies are turning higher and weekly slow stochastics shows a buy-signal, however daily studies remain bearish to flat. Initial support now seen as the 55-DMA at $1.6036, with the 38.2% level just below at $1.6016.
RES 4: $1.6218 High 5 Oct
RES 3: $1.6175/78/96 High Nov 1, High Oct 17, 76.4% of $1.6309-1.5829
RES 2: $1.6126/31/58 61.8% of $1.6309-1.5829, High Dec 4, Boll band top
RES 1: $1.6091 Former Nov 15 support line, now resistance
LATEST PRICE: $1.6085
SUP 1: $1.6036 55-day moving averages
SUP 2: $1.6016 38.2% of $1.5829 to $1.6131
SUP 3: $1.5994 21-day moving average
SUP 4: $1.5978/80/81 High 22 Nov, 50.0% of $1.5829 to $1.6131
USD/JPY: Studies Bearish Yet Golden-Cross Noted. The cross remains in the descending triangle, current price action trades just above the Tenkan line, initial support at Y82.28. Yesterday’s session tested the triangle top at Y82.65, still initial resistance, but the pair closed lower leaving a spinning top candle. Weekly tech studies are stretched and momentum turns lower, daily studies remain bearish. We remind of the 55 and 200-DMA golden-cross.
RES 4: Y83.30 High 2 Apr
RES 3: Y83.11 Resistance line from 6 Apr, 2011
RES 2: Y82.84/85/94 High Nov 22, 38.2% of Y94.99 to Y75.35, High 4 Apr
RES 1: Y82.65 Nov 22 resistance line
LATEST PRICE: Y82.33
SUP 1: Y82.28 Tenkan Line
SUP 2: Y81.75-95 Nov 28 sup line, Hgh 20 Nov, 21-DMA, 23.6% Y79.08-82.84
SUP 3: Y81.40 38.2% of Y79.08-82.84
SUP 4: Y80.96 Kijun Line
EUR/JPY: Bears Aim To Close Below 23.6% To Continue Slide. The pair fails to close below the 23.6% level for the second consecutive session, still initial support at Y106.16. Bears will look to close below here to follow daily studies lower, while weekly studies also show slight negative divergence. Initial resistance seen as the Tenkan line at Y106.97, however current price action holds just below the weekly Ichimoku cloud top and 100-week MA at Y106.67/69.
RES 4: Y115.06 200-week moving average
RES 3: Y111.44 High Mar 21
RES 2: Y107.96/108.00 High Dec 5, High Apr 20
RES 1: Y106.97 Tenkan line
LATEST PRICE: Y106.68
SUP 1: Y106.16 23.6% Fibonacci of Y100.33 to Y107.96
SUP 2: Y105.73 21-day moving average
SUP 3: Y105.05 38.2% of Y100.33 to Y107.96
SUP 4: Y104.15 Kijun Line, 50.0% of Y100.33 to Y107.96
EasyForexNews Research Team