EUR/USD failed to break above $1.3800 level and left a high at $1.3799, adding to resistance. Daily studies look overbought but weekly/monthly studies continue to carry a bullish tone. Bulls may attempt another break above $1.3800 to test the Oct 28 reversal high at $1.3832, however another failure here could see studies reverse lower. Bears will look to test Dec 13 low at $1.3709 and a break below targets the key 23.6% of $1.3296-1.3811 at $1.3689.
R 4: $1.3958 50.0% of $1.6038-1.1877
R 3: $1.3852/53 High Jul 2007, Weekly Bolli band top
R 2: $1.3832/41 High Oct 28, Daily Bolli band top
R 1: $1.3799/3803 High Dec 16, High Dec 12
Latest price: $1.3770
S 1: $1.3734/41 Lows Dec 10, 11
S 2: $1.3704/09 High Oct 18, Low Dec 13
S 3: $1.3689/91 23.6% of $1.3296-1.3811, Rising channel base
S 4: $1.3633 21-day moving average
GBP/USD still attempting to slip below 21-DMA at $1.6302 which bears already tested below, a break below here targets the 38.2% of $1.5855-1.6466 at $1.6233, key support and a move below could see a decline to the July support line which is now at $1.6144 and rising 12 pips a day. Daily studies are bearish and weekly studies look overbought, adding to pressure lower, however we note monthly studies are bullish which could see a retest of $1.6466 – Dec 10 high.
R 4: $1.6428 38.2% of $2.1161-1.3503
R 3: $1.6401 Jan 2013 reversal high
R 2: $1.6358/60 High Nov 28, High Dec 13
R 1: $1.6321/28 Low Dec 12, 5-DMA
Latest price: $1.6320
S 1: $1.6260/63 High Oct 1, Low Dec 13
S 2: $1.6233 38.2% of $1.5855-1.6466
S 3: $1.6200 High Nov 21
S 4: $1.6157/61 55-DMA, 50.0% of $1.5855-1.6466
USD/JPY slips lower again to edge below the support line from Nov 7 low – initial support now at 102.77, the daily Tenkan line. A break below here targets the 23.6% of Y97.62-103.92, seen at Y102.43. Daily studies trend more-or-less sideways so a strong move lower is needed to start a bearish trend – a break below the 50.0% at Y100.77 would help, but we note monthly studies still show bullish signs despite being overbought, cautioning bears.
R 4: Y105.26 3% 21-day MA envelope top
R 3: Y104.08/24 Daily Bolli top, 2% 21-day MA envelope top
R 2: Y103.92 High Dec 13
R 1: Y103.36/39 Weekly Bolli top, High Dec 10
Latest price: Y102.95
S 1: Y102.77 Daily Tenkan line
S 2: Y102.43 23.6% of Y97.62-103.92
S 3: Y102.20 21-day moving average
S 4: Y101.98 Low Dec 3
EUR/JPY remains in rising channel and yesterday posted a long-legged doji showing indecision. Studies are overbought and bears look below yesterday’s low to approach daily Tenkan and channel base around Y140.65/67, a break below then targets the 23.6% of Y131.22-142.83 at Y140.09. However, monthly studies remain bullish and failure at these levels could see bulls return to retest the Y142.83 Dec 13 high, where downside pressure is expected
R 4: Y143.76 Daily Bollinger band top
R 3: Y143.51 3% 21-DMA envelope top
R 2: Y142.83/95 High Dec 13, Channel top
R 1: Y142.12/17 Highs Dec 16, 10
Latest price: Y141.85
S 1: Y141.22 Low Dec 16
S 2: Y140.92/99 Low Dec 11, 61.8% of Y169.96-94.12
S 3: Y140.63/67 Daily Tenkan line, Channel base
S 4: Y140.20 Oct 2005 high
