Fresh 2014 and 8 month lows continued for the EUR/USD this morning with immediate focus having shifted to the $1.3400-21 region where Nov 21 2013 lows and the 200-WMA are located. The pair last traded below the 200-WMA in Sept 2013. Layers of resistance remain in the $1.3473-1.3591 region with the 21-DMA at $1.3591. Bulls now need a close above $1.3513 to ease the current bearish pressure and above the 21-DMA to shift focus to $1.3676-1.3715.
RES 4: $1.3574 High July 16
RES 3: $1.3549 High July 21
RES 2: $1.3513 Previous hourly support now resistance
RES 1: $1.3473 Hourly resistance July 22/23
LPRICE: $1.3463
SUP 1: $1.3458 2014 Low July 23
SUP 2: $1.3449 Weekly Bollinger band base
SUP 3: $1.3421 200-WMA
SUP 4: $1.3400 Low Nov 21 2013
GBP/USD is consolidating below the 21-DMA with bulls needing a close above to ease bearish pressure. While the 21-DMA caps pressure remains on the $1.7007-35 region with a close below needed to hint at a deeper correction that initially targets $1.6920-50 with the 55-DMA at $1.6950. The $1.7151 resistance remains key this week, with bulls needing a close above to regain the upper hand and shift overall focus back to the rising daily channel top ($1.7247).
RES 4: $1.7191 2014 High July 15
RES 3: $1.7151 Hourly resistance July 16
RES 2: $1.7117 High July 18
RES 1: $1.7101 21-DMA
LPRICE: $1.7070
SUP 1: $1.7035 Low July 18, Rising daily channel base
SUP 2: $1.7007 Low June 27
SUP 3: $1.6999 38.2% Fibonacci $1.6696-1.7191
SUP 4: $1.6950 55-DMA
The recovery appears to be struggling ahead of Y101.63 with the 21-DMA now noted at Y101.59. Layers of resistance remain clustered tightly in the Y101.63-102.35 region with bulls needing a close above Y101.63 to confirm an easing of bearish pressure and a close above the 200-DMA to target the key Y102.25-35 resistance region. Bears now need a close below the 55-WMA to add weight to the bearish case with a weekly close below last seen Oct 2012.
RES 4: Y102.10 100-DMA
RES 3: Y102.03 200-DMA
RES 2: Y101.80 High July 16
RES 1: Y101.63 Hourly support July 17 now resistance
LPRICE: Y101.40
SUP 1: Y101.11 55-WMA
SUP 2: Y100.82 Monthly low May 21
SUP 3: Y100.75 2014 Low Feb 4, Falling daily channel base
SUP 4: Y100.45 High Nov 15 2013 now support
EUR/JPY closed last week below the 55-WMA (Y137.35) for the first weekly close below since Nov 2012 and continues to head lower with 2014 lows firmly in the sights. Layers of resistance remain with bulls now needing a close above Y137.00 to ease the current bearish pressure. Overall bulls need a close above the Y138.09 July 16 high to shift focus to further layers of resistance Y138.69-139.51. The only negative for bears are O/S daily studies.
RES 4: Y137.79 Hourly resistance July 16
RES 3: Y137.42 Hourly resistance July 17
RES 2: Y137.00 Hourly resistance July 22
RES 1: Y136.81 Hourly resistance July 22
LPRICE: Y136.55
SUP 1: Y136.49 Bollinger band base
SUP 2: Y136.23 2014 Low Feb 4
SUP 3: Y134.71 Falling daily channel base
SUP 4: Y134.10 Low Nov 20 2013
Fresh 2014 and nearly 2 year lows continue for EUR/GBP with bears currently fixated on the 2012 low at Gbp0.7764 and immediate focus remaining on the falling wedge base around Gbp0.7875 today. Layers of resistance remain in the Gbp0.7908-80 region with bulls now needing a close above Gbp0.7946 to confirm a break of the falling wedge top and 21-DMA whereas a close above Gbp0.7980 is needed to shift focus back to the key Gbp0.8033 level.
RES 4: Gbp0.7980 Hourly resistance July 2
RES 3: Gbp0.7946 Falling wedge top, 21-DMA
RES 2: Gbp0.7938 Hourly resistance July 15
RES 1: Gbp0.7908 Hourly resistance July 22
LPRICE: Gbp0.7887
SUP 1: Gbp0.7875 Bollinger band base, Falling wedge base
SUP 2: Gbp0.7836 Weekly Bollinger band base
SUP 3: Gbp0.7810 Monthly Low Aug 16 2012
SUP 4: Gbp0.7764 2012 Low July 2012
