EUR/USD failed to retest the 61.8% at $1.3524 and continues to look bearish while daily/weekly studies slide. Bulls aim to retest Sept 6 support line at $1.3569, however failure ahead of here adds further downside risk. Initial support is at $1.3477/78 – yesterday’s low and daily Bolli base. A break below could start a slide to 200-DMA at $1.3381, however, ahead of here are key Fibonacci levels at $1.3456/58 – a 23.6%/38.2% and a 76.4% at $1.3437.
R 4: $1.3639 55-day moving average
R 3: $1.3603/05/06 High Jan 29, 21-DMA, 100-DMA
R 2: $1.3569/73 Sept 6 support line, High Jan 31
R 1: $1.3548 5-day moving average
Latest price: $1.3513
S 1: $1.3477/78 Low Feb 3, Daily Bolli band base
S 2: $1.3456/58 23.6% of $1.2043-1.3893, 38.2% of $1.2755-1.3893
S 3: $1.3437 76.4% of $1.3296-1.3893
S 4: $1.3400 High Aug 8 & Low Nov 21
GBP/USD accelerates lower and storms through support to test the daily Bolli base – now initial support at $1.6279. Bulls look to retest former support as resistance, 38.2% level is at $1.6357, however bears eye a key support level composed of the 100-DMA at $1.6250, former monthly Triangle top at $1.6259 and the 50.0% of $1.5855-1.6668 at $1.6262. Break below could confirm the support line break and target lower levels but bulls look to recover some losses
R 4: $1.6440 Redrawn July support line
R 3: $1.6396/6400 55-DMA, Low Jan 21
R 2: $1.6357 Former 38.2% of $1.5855-1.6668
R 1: $1.6310 Low Jan 17
Latest price: $1.6281
S 1: $1.6279 Daily Bollinger band base
S 2: $1.6250/62 100-DMA, 50.0% of $1.5855-1.6668
S 3: $1.6220/30 Low Dec 17, 23.6% of $1.4814-1.6668
S 4: $1.6166 61.8% of $1.5855-1.6668
USD/JPY closed below the cloud base and 100-DMA but bulls are already retesting as resistance. To stem losses bulls require a retest of former Nov 2012 support line at Y102.08, but downside pressure mounts while weekly studies in sell-mode and monthly studies reverse from overbought. Bears likely target 200-DMA at Y100.09, but ahead of here is 61.8% at Y100.61. However, we note daily studies are becoming oversold which may encourage some consolidation.
R 4: Y102.81/86 Daily Tenkan line, Low Jan 13
R 3: Y102.41/45 High Feb 3, 38.2% of Y97.62-105.43
R 2: Y102.08 Former Nov 2012 support line
R 1: Y101.53 Reversal high Jul 8 & 50.0% of Y97.62-105.44
Latest price: Y100.9
S 1: Y100.61/78 High Sept 11 & 61.8% of Y97.62-105.44, Low Feb 3
S 2: Y100.09 200-day moving average
S 3: Y99.47/62 76.4% of Y97.62-105.44, Monthly Tenkan line
S 4: Y98.76/85 23.6% of Y77.13-105.44, 55-week MA
EUR/JPY continues to trade below the daily Bolli base, now initial resistance at Y137.03, daily studies slide further into oversold territory so bulls may recover a little – further res is 100-DMA at Y137.57. However, weekly studies are sharply declining and monthly studies are reversing from overbought so pressure remains lower. Bears target a support line from the June 2013 lows at Y134.97, but ahead of here support also at Y135.33 – the monthly Tenkan line.
R 4: Y138.46/63 Cloud Base & Former 50.0% Y131.22-145.69,
R 3: Y138.11 High Feb 3
R 2: Y137.44/51/57 High Nov 22, Low Jan 31, 100-DMA
R 1: Y137.02/03 Hourly high, Daily Bollinger band base
Latest price: Y136.51
S 1: Y136.36/40 Low Feb 3, High Nov 21
S 2: Y135.33/51 Monthly Tenkan line, High Oct 22
S 3: Y134.97/99 Support line from Jun 2013 low, High Oct 29
S 4: Y134.63 76.4% of Y131.22-145.69
