As daily tech studies correct from O/S levels the EUR/USD continues to work its way higher with the 21-DMA currently capping. The move higher has eased bearish pressure but bulls now need a close above the 21-DMA to confirm that bullish pressure is dominating and immediate focus then shifting to the $1.3879 resistance. Bears need the 21-DMA to cap and a subsequent close below $1.3750 to shift focus to the $1.3612-76 support region
RES 4: $1.3948 High Mar 17
RES 3: $1.3879 Low Mar 17 now resistance
RES 2: $1.3847 Hourly resistance Mar 25
RES 1: $1.3807 21-DMA
LPRICE: $1.3787
SUP 1: $1.3750 High Apr 7 now support
SUP 2: $1.3696 100-DMA
SUP 3: $1.3665 61.8% Fibonacci 1.3479-1.3966
SUP 4: $1.3643 Low Feb 27
Following on from Monday’s close back above the 21 & 55-DMAs GBP/USD broke sharply higher with immediate focus shifting to the $1.6786 Mar monthly high. Bulls now target a retest of the 2014 high and then levels not seen since 2009. Bears now look for a close below the $1.6684-1.6702 region to ease the renewed bullish pressure and require a close back below $1.6625 to see bearish focus target the rising daily channel base ($1.6551).
RES 4: $1.7042 2009 high Aug 5 2009, Rising daily channel top
RES 3: $1.6878 Monthly high Nov 16 2009
RES 2: $1.6822 2014 high Feb 17
RES 1: $1.6786 Monthly high Mar 7
LPRICE: $1.6745
SUP 1: $1.6735 Hourly support Apr 8
SUP 2: $1.6702 Hourly support Apr 8
SUP 3: $1.6684 High Mar 31 now support
SUP 4: $1.6625 High Apr 7 now support
The retreat from the recent Y104.11 high gathered momentum on Tuesday with the sharp move lower seeing immediate bearish focus shift to the rising daily trend line off the 2014 low. Overall focus has now shifted to the Y100.75-80 region where the key 200-DMA is noted. Bulls now need to see a close above the Y102.47 level to ease the immediate bearish pressure while a close above the Y103.10 level is needed to see Y104.11 targeted
RES 4: Y104.11 High Apr 3
RES 3: Y103.39 High Apr 7
RES 2: Y103.10 High Apr 8
RES 1: Y102.47 Alternating daily support/resistance
LPRICE: Y101.96
SUP 1: Y101.50 Rising daily trend line
SUP 2: Y101.20 Low Mar 14
SUP 3: Y101.00 21 day lower Bollinger band
SUP 4: Y100.80 200-DMA
The move lower has paused ahead of the 50.0% Fibonacci retracement of the Feb-Mar move with the rising daily trend line noted just below. Bears favour a break lower that sees immediate focus shift to the Y138.65-80 region and overall focus to a retest of the 2014 low. A close above the pivotal Y141.96 level is needed to end bearish hopes and see bullish focus re-emerge and target the Y143.45-80 region.
RES 4: Y141.96 Alternating daily support/resistance
RES 3: Y141.53 21-DMA
RES 2: Y141.15 Hourly resistance Apr 8
RES 1: Y140.74 Hourly resistance Apr 9
LPRICE: Y140.63
SUP 1: Y140.02 50.0% Fibonacci 136.28-143.77
SUP 2: Y139.90 Rising daily trend line off Nov monthly low
SUP 3: Y139.39 Ichimoku cloud top
SUP 4: Y139.14 61.8% Fibonacci 136.28-143.77
The move lower continued Tuesday with the EUR/GBP pausing ahead of the falling 21 day lower Bollinger which is seen around Gbp0.8213 today. Bearish pressure is now targeting a continuation lower that tests the layers of support in the Gbp0.8159-0.8205 region including the 2014 low. Bulls need a close above the Gbp0.8250 hourly resistance to ease the immediate bearish pressure while a close above the Gbp0.8303-30 region is needed to target 2014 highs
RES 4: Gbp0.8323 High Mar 27
RES 3: Gbp0.8303 100-DMA
RES 2: Gbp0.8285 High Apr 7
RES 1: Gbp0.8250 Hourly resistance Apr 8
LPRICE: Gbp0.8234
SUP 1: Gbp0.8213 21 day lower Bollinger band
SUP 2: Gbp0.8205 Monthly low Mar 5
SUP 3: Gbp0.8192 Low Feb 28
SUP 4: Gbp0.8159 2014 Low Feb 17
