EUR/USD continues to grind its way back towards the $1.3583-1.3602 resistance region with support now having developed on the hourlies at $1.3546. Bulls continue to look for a close above the $1.3602 level to confirm an easing of bearish pressure and shift the immediate focus to the 21-DMA. While the $1.3583-1.3602 region caps, bears will continue to target fresh 2014 lows.
RES 4: $1.3661 200-DMA
RES 3: $1.3624 21-DMA
RES 2: $1.3602 Hourly resistance June 10
RES 1: $1.3583 Previous hourly support now resistance
LPRICE: $1.3557
SUP 1: $1.3546 Hourly support June 13
SUP 2: $1.3512 Low June 12
SUP 3: $1.3502 Low June 5
SUP 4: $1.3477 2014 low Feb 3
After having struggled to surmount the falling daily trend line off 2014 highs GBP/USD exploded higher on Thursday with the 2014 highs now firmly in the sights and now the focus of bulls. Layers of support have developed on the move higher with initial support noted at $1.6922 on the hourlies. In saying that, bears need to see a close below $1.6881 to confirm an easing of bullish pressure and a close below $1.6859 to hint at a deeper correction.
RES 4: $1.7516 High Oct 20 2008
RES 3: $1.7198 High Oct 21 2008
RES 2: $1.7042 High Aug 5 2009
RES 1: $1.6996 2014 High May 6, 21 week upper Bollinger band
LPRICE: $1.6953
SUP 1: $1.6922 Hourly support June 13
SUP 2: $1.6881High May 27 now support
SUP 3: $1.6859 Previous hourly resistance now support
SUP 4: $1.6794 55-DMA
The significance of the 200-DMA has again been confirmed with the move lower Thursday having pulled up just short of the 200-DMA. Bulls now look for a close above Y101.90 to ease the bearish pressure a little and a close above Y102.42 to confirm a break back above key moving averages and see immediate focus shift back to retests of the Y102.80-103.02 region. Failure to end the week above Y101.90 ensures pressure remains on the 200-DMA.
RES 4: Y102.80 High June 4
RES 3: Y102.42 Hourly resistance June 10
RES 2: Y102.14 High June 12
RES 1: Y101.90 Hourly resistance June 13
LPRICE: Y101.90
SUP 1: Y101.58 200-DMA
SUP 2: Y101.45 Low May 29
SUP 3: Y101.18 21 day lower Bollinger band
SUP 4: Y100.82 Monthly low May 21
EUR/JPY continues to make headway below the 200-DMA following on from Tuesday’s close below with bears firmly focused on fresh 2014 lows. Initial resistance is now noted at Thursday’s high but the 200-DMA remains key with bulls needing a close above to confirm an easing of bearish pressure. Overall a close above Y139.46 is needed to confirm a shift higher in focus with bulls then targeting the key Y140.27-94 region.
RES 4: Y140.27 High May 14
RES 3: Y139.46 Hourly resistance June 9
RES 2: Y138.78 200-DMA
RES 1: Y138.34 High June 12
LPRICE: Y138.20
SUP 1: Y137.72 Low June 12
SUP 2: Y136.35 55-WMA
SUP 3: Y136.23 2014 Low Feb 4
SUP 4: Y134.10 Low Nov 20 2013
Bears achieved their goals of fresh 2014 lows and sub Gbp0.8000 levels with immediate focus now shifting to the Gbp0.7960 Nov 2012 monthly low and overall focus to the 2012 low at Gbp0.7764. Initial resistance is noted at the Gbp0.8032 break down level with bulls needing a close above to end the week to confirm an easing of bearish pressure. Overall bulls need a close above the 21-DMA to shift focus higher.
RES 4: Gbp0.8105 21-DMA
RES 3: Gbp0.8098 Previous hourly support now resistance
RES 2: Gbp0.8086 Hourly resistance June 10 & 11
RES 1: Gbp0.8032 Previous hourly support now resistance
LPRICE: Gbp0.7992
SUP 1: Gbp0.7960 Monthly Low Nov 8 2012
SUP 2: Gbp0.7923 Low Sept 27 2012
SUP 3: Gbp0.7887 Low Sept 5 2012
SUP 4: Gbp0.7812 Low Aug 16 2012
