The break below $1.3749 on Thursday confirms the bearish pressure with focus now having shifted lower to layers of support in the $1.3643-1.3722 region which includes key moving averages, Fibonacci retracements and previous daily lows. Bulls now need a close above $1.3779 hourly resistance to ease the bearish pressure and a close above $1.3797 to confirm a break of the falling daily channel base, hinting at a retest of the key $1.3879 level
RES 4: $1.3879 Low Mar 17 & 18 now resistance
RES 3: $1.3847 Hourly resistance Mar 25
RES 2: $1.3797 High Mar 27
RES 1: $1.3779 Hourly resistance Mar 27
LPRICE: $1.3748
SUP 1: $1.3722 50.0% Fibonacci 1.3479-1.3966
SUP 2: $1.3709 55-DMA
SUP 3: $1.3665 61.8% Fibonacci 1.3479-1.3966
SUP 4: $1.3643 Low Feb 27
The bounce from the rising daily trend line off Nov monthly lows has continued, spiking above the 21-DMA ($1.6618) on Thursday before closing marginally below. Bullish pressure dominates with immediate focus having shifted to the $1.6666-1.6714 region with bulls looking for a close above $1.6714 to target 2014 highs. Bears now look for a close below hourly support to ease bullish pressure and close below the 55-DMA to target $1.6456-97 supports
RES 4: $1.6765 21 day upper Bollinger band
RES 3: $1.6714 High Mar 13
RES 2: $1.6666 High Mar 17
RES 1: $1.6647 High Mar 27
LPRICE: $1.6616
SUP 1: $1.6597 Hourly support Mar 28
SUP 2: $1.6560 55-DMA
SUP 3: $1.6497 Rising trend line off Nov monthly low
SUP 4: $1.6456 Low Mar 24
Lack of follow through following the break of the Y101.94 support on Thursday is of some concern to bears targeting the Y100.75-101.37 region. In saying that, bulls still need a close above Y102.49 to ease bearish pressure while a close above the key Y102.68 level is needed to confirm a break of the 100-DMA (Y102.67). This sees focus shift higher to retests of the Y103.09-103.75 region with the falling daily trend line off 2014 highs noted at Y103.19.
RES 4: Y102.87 Hourly resistance Mar 13
RES 3: Y102.68 High Mar 19
RES 2: Y102.49 High Mar 25
RES 1: Y102.24 Hourly resistance Mar 28, 21-DMA
LPRICE: Y102.14
SUP 1: Y101.99 Hourly support Mar 27
SUP 2: Y101.72 Low Mar 27
SUP 3: Y101.37 Rising trend line off Feb 4 low
SUP 4: Y101.20 Low Mar 3 & 14
Bearish pressure continues to dominate with bears now targeting a retest of Y138.81-139.38 with the falling daily channel base, rising daily trend line and Feb 27 low noted in this region. Bulls now need to see a close above the Y141.03 resistance level to ease the current bearish pressure and hint at a bounce back to the key Y141.96-142.24 region, with a close above Y142.24 confirming a break of the falling channel top and targeting Y143.75-80.
RES 4: Y141.97 High Mar 17 & 18
RES 3: Y141.75 Hourly resistance Mar 24
RES 2: Y141.54 Hourly resistance Mar 25
RES 1: Y141.03 Alternating hourly support/resistance
LPRICE: Y140.40
SUP 1: Y140.18 Low Mar 27
SUP 2: Y140.02 50.0% Fibonacci 136.28-143.77
SUP 3: Y139.30 Rising daily trend line off Nov monthly low
SUP 4: Y139.14 61.8% Fibonacci 136.28-143.77
The sharp move lower saw a close below the 55-DMA (Gbp0.8279) after having found support at the rising daily trend line. While the Gbp0.8323-30 region caps, bears will look for pressure to remain on the Gbp0.8266 level with a break lower seeing focus ratchet lower to the Gbp0.8159-0.8205 region. Bulls need a close above Gbp0.8330 to ease the bearish pressure and look for a bounce that initially targets Gbp0.8367 then Gbp0.8390-00.
RES 4: Gbp0.8367 Hourly resistance Mar 25
RES 3: Gbp0.8330 Low Mar 20 now resistance
RES 2: Gbp0.8323 High Mar 27
RES 1: Gbp0.8285 Hourly resistance Mar 27
LPRICE: Gbp0.8272
SUP 1: Gbp0.8266 Rising trend line off 2014 low
SUP 2: Gbp0.8251 61.8% Fibonacci 0.8159-0.8400
SUP 3: Gbp0.8205 Low Mar 5
SUP 4: Gbp0.8192 Low Feb 28
