EUR/USD traded at fresh 2014 and 2.5 year highs on Friday with bears now needing to see a close below Friday’s low to ease the current bullish pressure and a close below the $1.3824 previous resistance level to hint at a correction back to the $1.3695-1.3732 region. While the $1.3853 level supports bullish focus dominates with the pair targeting a retest of the 2011 highs.
R 4: $1.4247 2011 High Oct 27 2011
R 3: $1.4199 High Oct 28 1011
R 2: $1.3924 21 week upper Bollinger band, Rising daily channel top
R 1: $1.3915 High Mar 7
LP: $1.3884
S 1: $1.3853 Low Mar 7
S 2: $1.3824 Previous daily resistance now support
S 3: $1.3732 21-DMA
S 4: $1.3695 Low Feb 28
Higher daily highs and lows from Wed last week see bulls targeting the 2014 high with a break above seeing focus shift to retests of the $1.6878 Nov 2009 monthly high and $1.7042 2009 high beyond that. Bears need to see a close below the Mar 6 low to hint at a deeper correction with a close below the $1.6583 Feb 24 low needed to confirm a break of the 21-DMA and see focus shift lower to the $1.6375-83 region with the 100-DMA noted at $1.6383
R 4: $1.6878 Monthly high Nov 2009
R 3: $1.6860 21 week upper Bollinger band
R 2: $1.6823 2014 High Feb 17
R 1: $1.6786 High Mar 7
LP: $1.6730
S 1: $1.6686 Low Mar 6
S 2: $1.6660 21-DMA
S 3: $1.6583 Low Feb 24
S 4: $1.6529 55-DMA
The move higher Friday stalled ahead of the Y103.88 resistance will bulls looking for a close above to reconfirm bullish focus. Initial support is now noted at Friday’s low with bears looking for a close above to ease the bullish pressure and see the pair dipping back towards key support noted at the 100 and 21-DMA’s. A close above Friday’s high sees immediate focus shift to the Y104.92 Jan 16 high and the 2014 high beyond that.
R 4: Y106.12 21 week upper Bollinger band
R 3: Y105.44 2014 high Jan 2
R 2: Y104.92 High Jan 16
R 1: Y103.88 Low Jan 20 now resistance
LP: Y103.06
S 1: Y102.83 Low Mar 7
S 2: Y102.32 21-DMA
S 3: Y102.11 100-DMA
S 4: Y101.20 Low Mar 3
Initial support is now noted at Friday’s Y142.54 low with bears looking for a close below to ease the immediate bullish pressure that is seeing bulls targeting a retest of the 2014 and then 2013 highs. A close above Friday’s high is now needed to reconfirm bullish focus. A close below Friday’s low sees focus shift back to the Y140.51-141.29 region where key moving averages and the Feb monthly high are noted.
R 4: Y145.68 2013 high Dec 27
R 3: Y145.10 2014 high Jan 2
R 2: Y144.41 Low Dec 31 now resistance
R 1: Y143.79 High Mar 7
LP: Y143.05
S 1: Y142.54 Low Mar 7
S 2: Y141.29 High Feb 21 now support
S 3: Y141.06 55-DMA
S 4: Y140.51 21-DMA
