EUR/USD continues to chop around the 21-DMA with spikes towards the 200-DMA so far lacking follow through. The $1.3669-77 region is key resistance for the euro with bulls needing a close above to end bearish hopes and see immediate focus shift to the $1.3721-84 region where 55 & 100-DMA’s are noted. Bears now look for a close below Friday’s low to reconfirm bearish pressure and see the key $1.3503-12 region back in the spotlight.
RES 4: $1.3721 55-DMA
RES 3: $1.3677 High June 6
RES 2: $1.3669 200-DMA
RES 1: $1.3643 High June 19
LPRICE: $1.3600
SUP 1: $1.3564 Low June 20
SUP 2: $1.3535 Low June 17
SUP 3: $1.3512 Low June 12
SUP 4: $1.3503 Low June 5
Despite very O/B daily studies, the move to fresh 2014 and multi-year highs last week sees bulls in control with initial focus on $1.7198. Initial support is now noted at Friday’s low with bears needing a close below to ease bullish pressure a little while a close below $1.6919 remains needed to see immediate focus shift back to the 21 & 55-DMA’s noted in the $1.6837-56 region. Bulls look for fresh 2014 highs to confirm bullish pressure
RES 4: $1.7516 High Oct 20 2008
RES 3: $1.7198 High Oct 21 2008
RES 2: $1.7082 21 day upper Bollinger band
RES 1: $1.7063 2014 High June 20
LPRICE: $1.7030
SUP 1: $1.7003 Low June 20
SUP 2: $1.6973 Hourly support June 18
SUP 3: $1.6919 Low June 18
SUP 4: $1.6881 High May 27 now support
USD/JPY continues to struggle with layers of resistance noted in the 102.00-42 region which includes key moving averages and the Ichimoku cloud base and top. Spikes above this region failed to produce follow through last week which sees bears continuing to focus on the 200-DMA and a close below while Y102.42 caps. Bulls continue to look for a close above Y102.42 to confirm an easing of bearish pressure and target Y104.13 Apr monthly highs.
RES 4: Y103.02 Monthly High May 2
RES 3: Y102.80 High June 4
RES 2: Y102.42 Hourly resistance June 10
RES 1: Y102.21 100-DMA
LPRICE: Y101.93
SUP 1: Y101.74 Low June 19
SUP 2: Y101.65 200-DMA
SUP 3: Y101.45 Low May 29
SUP 4: Y100.82 Monthly Low May 21
EUR/JPY successfully worked its way higher last week but is struggling ahead of the 200-DMA after having chopped around the 21-DMA to end last week. Bears now look for a close below Friday’s low to re-confirm bearish pressure and the initial focus on retests of the Y137.70 low from June 16. Bulls need to see a close above the 200-DMA to end bearish hopes and see immediate focus shift to the Y140.02-39 region where the 55 & 100-DMA’s are noted
RES 4: Y140.39 100-DMA
RES 3: Y140.09 High June 9
RES 2: Y139.46 Hourly resistance June 9
RES 1: Y138.96 200-DMA
LPRICE: Y138.72
SUP 1: Y138.54 Low June 20
SUP 2: Y138.42 Hourly support June 18
SUP 3: Y138.29 Hourly support June 17
SUP 4: Y137.70 Low June 16
Despite spikes higher last week the pair was unable to provide any follow through with daily closes remaining relatively bearish. Bulls need a close above Gbp0.8032 to confirm an easing of bearish pressure with immediate focus then shifting to the Gbp0.8072-0.8105 region where the 21-DMA and falling daily trend line are located. Daily studies remain at very O/S levels and will come into play on a close above Gbp0.8032
RES 4: Gbp0.8098 Previous hourly support now resistance
RES 3: Gbp0.8086 Hourly resistance June 10 & 11
RES 2: Gbp0.8032 Previous hourly support now resistance
RES 1: Gbp0.8025 High June 19
LPRICE: Gbp0.7985
SUP 1: Gbp0.7959 2014 Low June 16
SUP 2: Gbp0.7923 Low Sept 27 2012
SUP 3: Gbp0.7887 Low Sept 5 2012
SUP 4: Gbp0.7812 Low Aug 16 2012
