EUR/USD again found support Thursday ahead of the 100-WMA with s close below last seen in July 2013. Layers of resistance are now noted in the $1.3400-1.3584 region with bulls continuing to look for a close above $1.3444 to ease bearish pressure and above $1.3486 to shift focus to the $1.3513-77 region where the 21 & 55-DMA and falling daily channel top are located. While $1.3444 caps bears continue to target the $1.3294 Nov 2013 monthly low
RES 4: $1.3485 High July 24
RES 3: $1.3444 High July 28
RES 2: $1.3416 Hourly resistance July 30
RES 1: $1.3400 High July 31
LPRICE: $1.3386
SUP 1: $1.3367 2014 Low July 30
SUP 2: $1.3348 100-WMA
SUP 3: $1.3294 Monthly low Nov 7 2013
SUP 4: $1.3233 Falling daily channel base May/July highs
The move lower continued Thursday with cable supported at the 100-DMA. Bears look for a close below $1.6848 to confirm a break of the 100-DMA with immediate focus then shifting to layers of support in the $1.6993-1.6738 region which includes June and July monthly lows. Layers of resistance remain in the $1.6894-1.7007 region with bulls needing a close above $1.6928 to ease bearish pressure and above $1.7007 to target the 21-DMA ($1.7053).
RES 4: $1.7007 Low June 27 now resistance
RES 3: $1.6962 55-DMA
RES 2: $1.6928 Hourly resistance July 30
RES 1: $1.6894 Hourly resistance July 31
LPRICE: $1.6871
SUP 1: $1.6861 100-DMA
SUP 2: $1.6848 High June 6 now support
SUP 3: $1.6738 Low June 11
SUP 4: $1.6718 Monthly Low June 4
The closes well above the Bollinger band top (Y102.77) are currently seeing some consolidation. Layers of support are noted in the Y101.61-102.72 region with bears needing a close below Y102.72 to ease bullish pressure a little and below the previous Y102.35 high to shift immediate focus to the Y101.61-95 region. Bulls now target the Y104.13 Apr highs while Y102.35 supports.
RES 4: Y104.84 High Jan 23
RES 3: Y104.13 Monthly High Apr 4
RES 2: Y103.40 High Apr 7
RES 1: Y103.10 High July 30
LPRICE: Y102.92
SUP 1: Y102.72 Low July 31
SUP 2: Y102.35 High June 18 now support
SUP 3: Y102.07 100-DMA
SUP 4: Y101.95 High July now support
EUR/JPY continues to chop around the daily channel top (Y137.68) with it having found support above Y137.50 and the 21-DMA. Bulls need to see a close above Y137.89 to confirm a break of the channel top, shifting immediate focus to the 55-DMA and overall focus to the Y139.30-67 region where July highs and the 100 & 200-DMAs are located. Bears now need a close below Y137.50 to ease bullish pressure and below Y137.36 to target 2014 lows.
RES 4: Y138.77 High July 9
RES 3: Y138.69 38.2% Fibonacci 142.46-136.36
RES 2: Y138.35 55-DMA
RES 1: Y137.89 High July 30
LPRICE: Y137.76
SUP 1: Y137.50 Low July 31
SUP 2: Y137.36 High July 22 now support
SUP 3: Y137.13 High July 29 now support
SUP 4: Y136.63 Low July 25 & 28
The close marginally above the 21-DMA Thursday is hinting at cracks in the down trend with EUR/GBP having found support ahead of the 21-DMA so far today. Bulls look for a close above Gbp0.7941 to confirm a break of the 21-DMA and shift immediate focus back to the Gbp0.7982 level and overall focus to the key Gbp0.8033 resistance. Bears now need a close below the 21-DMA to ease renewed bullish pressure and below Gbp0.7904 to reconfirm bearish pressure.
RES 4: Gbp0.8033 High June 25
RES 3: Gbp0.8006 55-DMA
RES 2: Gbp0.7982 High July 14 & 15
RES 1: Gbp0.7941 High July 24 & 31
LPRICE: Gbp0.7930
SUP 1: Gbp0.7924 21-DMA, Hourly support July 31
SUP 2: Gbp0.7904 Low July 28
SUP 3: Gbp0.7874 2014 Low July 23
SUP 4: Gbp0.7852 Falling daily trend line
