EUR/USD struggles to hold onto any gains within the rising channel – currently trades just over the channel base, seen at $1.3585. Bulls look to break above $1.3600 level to test yesterday’s high and daily Bolli top at $1.3613/15, followed by the 61.8% of $1.3832-1.3296 at $1.3627. A strong close within the channel is required to maintain the bullish tone as studies are looking bearish or overbought. Key support at $1.3452 – a Nov 7 support line
R 4: $1.3711 Reversal high Jan 2013
R 3: $1.3681/82 Reversal high Apr 2007, High Oct 17
R 2: $1.3627 61.8% of $1.3832-1.3296
R 1: $1.3613/15 High Nov 27, Daily Bolli band top
Latest price: $1.3581
S 1: $1.3548/54 55-DMA, 38.2% of $1.3105-1.3832
S 2: $1.3496 21-day moving average
S 3: $1.3452/69 Nov 7 support line, 50.0% of $1.3105-1.3832
S 4: $1.3400/18 High Aug 8, 100-DMA
GBP/USD pops above the October highs to reach the highest level seen since Jan 2013 – key resistance at $1.6381, the Jan reversal high. However, ahead of here is initial res at $1.6331, yesterday’s high. Bulls eye above here and we remind of the double-bottom measured move target at $1.6690 when the pair broke above $1.5750 in September. But we also note studies are overbought and bears may look to pare some gains – key support at $1.6219 a new 23.6% level.
R 4: $1.6428 38.2% of $2.1161-1.3503
R 3: $1.6401 High Mar 2011
R 2: $1.6381 Reversal high Jan 2013
R 1: $1.6331 High Nov 27
Latest price: $1.6314
S 1: $1.6260 High Oct 1
S 2: $1.6240 High Nov 25 & 5-DMA
S 3: $1.6219 23.6% of $1.5855-1.6331
S 4: $1.6149 High Nov 18, 38.2% of $1.5855-1.6331
USD/JPY pressures the rising channel top again (seen at Y102.51) and trades above the Y102.00 level despite overbought studies – hourly high at Y102.28 is initial res. Bulls will look to hold above but bears are already testing support below Y102.00 – initial suppt at Y101.92/94 – the Nov 25 high and hourly low. A break below here targets the rising channel base and 23.6% of Y97.62-102.28 at Y101.14/18 and below here is the daily Tenkan at Y100.93.
R 4: Y103.31 High May 17
R 3: Y102.89/90 High May 21, 3% 21-day MA envelope top
R 2: Y102.41/51 Daily Bolli band top, Rising channel top
R 1: Y102.28 Hourly high
Latest price: Y102.10
S 1: Y101.92/94 High Nov 25, Hourly low
S 2: Y101.15/18 Nov 8 channel base, 23.6% of Y97.62-102.28
S 3: Y100.93 Daily Tenkan line
S 4: Y100.50 38.2% of Y97.62-102.28
EUR/JPY bursts above the rising channel top and closed above the daily Bolli band but has since moved back within – bears already testing below the channel top at Y138.44 to leave an hourly low of Y138.31, initial support. Studies are overbought and a move back into the channel adds downside risk, key support at Y137.02 the new 23.6% level. However, bulls likely look to break above the Y139.00 level to test the Jun 2009 reversal high at Y139.22
R 4: Y140.20/23 Oct 2005 high, 4% 21-DMA envelope top
R 3: Y139.43 Feb 2005 high
R 2: Y139.22 Jun 2009 high
R 1: Y138.88/96 3% 21-DMA envelope top, Daily Bolli top
Latest price: Y138.74
S 1: Y138.31 Hourly low
S 2: Y137.99 Nov 25 high
S 3: Y137.53 2% 21-day MA envelope top
S 4: Y137.02/04 Low Nov 25, 23.6% of Y131.22-138.84
