The euro continues to find support in the 1.3779-00 region with EUR/USD having again bounced from this region Thursday. Bulls continue to look for a close above $1.3863 to end bearish hopes and shift focus higher to the $1.3905-67 region. While $1.3863 caps, bears continue to look for a close below $1.3779 to confirm a break of the 21-DMA and see focus shift to the $1.3673-1.3722 region where the 100-DMA and Fibonacci supports are located.
RES 4: $1.3948 High Mar 17
RES 3: $1.3905 High Apr 11
RES 2: $1.3894 21 day upper Bollinger band
RES 1: $1.3863 High Apr 14
LPRICE: $1.3830
SUP 1: $1.3800 21-DMA
SUP 2: $1.3779 Low Apr 9, 38.2% Fibonacci 1.3479-1.3967
SUP 3: $1.3722 50.0% Fibonacci 1.3479-1.3967, 100-DMA
SUP 4: $1.3673 Low Apr 4
After having failed at the 2014 high earlier this week, GBP/USD continues to find support ahead of the key $1.6749 level. Bears continue to look for a close below the $1.6749 support to hint at a deeper correction that targets the long term rising daily channel base around $1.6620 today. Daily studies remain O/B and looking to correct lower. Bulls need the $1.6749 support to hold and fresh 2014 highs to kick start bullish momentum
RES 4: $1.7042 Monthly high Aug 2009
RES 3: $1.6886 21 day upper Bollinger band
RES 2: $1.6878 Monthly high Nov 16 2009
RES 1: $1.6842 2014 high Apr 17
LPRICE: $1.6805
SUP 1: $1.6762 Low Apr 23
SUP 2: $1.6749 High Apr 16 now support
SUP 3: $1.6713 Hourly support April 15 & 16
SUP 4: $1.6659 Low April 15
USD/JPY continues to struggle with the 21-DMA (Y102.57) reversing sharply lower from the spike above on Thursday. Lower highs the past couple of days are starting to weigh on the pair, but bears now look for a close below Y102.11 to see immediate focus return to the Y101.86 level and overall focus to the Y100.75-101.46 region. Bulls still need a close above Y102.72 to confirm a break of the 21-DMA and kick start bullish momentum.
RES 4: Y103.10 High Apr 8
RES 3: Y102.95 100-DMA
RES 2: Y102.72 High Apr 22
RES 1: Y102.58 21-DMA
LPRICE: Y102.28
SUP 1: Y102.11 Low Apr 24
SUP 2: Y101.86 Low Apr 17
SUP 3: Y101.47 Rising daily trend line
SUP 4: Y101.32 Low Apr 10
Layers of support are now noted in the Y140.89-141.31 region including key moving averages and the rising triangle base. Bears now need a close below the triangle base to ease the pressure on the Y141.79-99 region and see immediate focus shift to the key Y139.95-140.02 region. While layers of support remain, bulls will continue to target a break of the Y141.99 level which sees immediate focus shift to the falling triangle top around Y142.91 today.
RES 4: Y143.45 High Apr 2
RES 3: Y142.91 Falling Triangle top
RES 2: Y141.99 High Apr 23
RES 1: Y141.79 High Apr 24
LPRICE: Y141.50
SUP 1: Y141.31 100-DMA
SUP 2: Y140.89 Rising Triangle base off Nov monthly low
SUP 3: Y140.02 50.0% Fibonacci 136.28-143.77
SUP 4: Y139.96 Low Mar 28
Wednesday’s bounce relieved the bearish pressure that was targeting the Gbp0.8158-92 region and combined with O/S studies that are looking to correct, could be hinting at a bigger bounce. Bulls continue to look for a close above the Gbp0.8252 resistance level to end bearish hopes and see the pair targeting the Gbp0.8292-0.8330 region. Bears now need a close below the Gbp0.8217 support to shift focus back to the Gbp0.8158-92 region.
RES 4: Gbp0.8291 100-DMA
RES 3: Gbp0.8273 55-DMA, 38.2% Fibonacci 0.8399-0.8198
RES 2: Gbp0.8268 High Apr 16
RES 1: Gbp0.8252 Alternating support/resistance, Channel top
LPRICE: Gbp0.8228
SUP 1: Gbp0.8217 High Apr 22 now support
SUP 2: Gbp0.8198 Low Apr 23
SUP 3: Gbp0.8192 Low Feb 28
SUP 4: Gbp0.8158 2014 Low Feb 17
