EUR/USD has bounced a little from ahead of recent 2014 lows but layers of resistance $1.3298-1.3445 still remain an issue for bulls who continue to look for a close above $1.3341 to confirm an easing of bearish pressure and a close above the 21-DMA to provide some breathing room. Despite O/S daily studies and the proximity of the Bollinger band base, bears remain focused on the $1.3086-1.3101 region.
RES 4: $1.3371 21-DMA
RES 3: $1.3341 Hourly support Aug 19 now resistance
RES 2: $1.3328 Hourly resistance Aug 19
RES 1: $1.3298 Hourly resistance Aug 20
LPRICE: $1.3285
SUP 1: $1.3271 Hourly support Aug 22
SUP 2: $1.3223 High Sept 5 2013 now support
SUP 3: $1.3101 Monthly Low Sept 7 2013
SUP 4: $1.3086 Falling daily channel base
After remaining capped at the 21-DMA Wednesday, cable made fresh 4 month lows before finding support ahead of the Apr monthly low. Bears remain firmly focused on $1.6466-1.6551 where Mar and Apr monthly lows are located. The key concerns for bears are O/S daily studies and the proximity of the Bollinger band base but in saying that, bulls continue to look for a close above the 200-DMA to ease bearish pressure and above $1.6894 to shift focus higher.
RES 4: $1.6757 Low Aug 12 now resistance
RES 3: $1.6712 Breakdown level Aug 19
RES 2: $1.6682 200-DMA
RES 1: $1.6600 Hourly resistance Aug 21
LPRICE: $1.6582
SUP 1: $1.6551 Monthly Low Apr 4
SUP 2: $1.6534 Bollinger band base
SUP 3: $1.6466 Monthly Low Mar 24, 55-WMA
SUP 4: $1.6384 Low Feb 10
Consolidation ahead of Apr highs continues follow the sharp move higher Wednesday. Bears need a close below Y102.90 to confirm an easing of bullish pressure. Overall bears look for a close below the 21-DMA to hint at lower levels and below the 55-DMA to confirm. The key concern for bulls is the close well above the Bollinger band top which may see consolidation continue while it catches up. A break above Y104.13 targets 2014 highs.
RES 4: Y107.01 Weekly High Sept 2008
RES 3: Y105.44 2014 High Jan 2
RES 2: Y104.92 High Jan 16
RES 1: Y104.13 Monthly High Apr 4
LPRICE: Y103.73
SUP 1: Y103.60 Low Aug 21
SUP 2: Y103.40 Previous hourly resistance now support
SUP 3: Y103.11 Hourly support Aug 20
SUP 4: Y102.90 Low Aug 20
Thursday’s rally resulted in the first close above the 55-DMA since the decisive break lower in early May with bulls now looking for a close above Y138.07 to confirm a shift in focus to the Y138.99-139.30 region. The key concern for bulls is the proximity of the Bollinger band top which may limit topside follow through. Bears now need a close below Y137.46 to ease bullish pressure and below Y136.77 to shift focus back to 2014 lows
RES 4: Y138.99 100-DMA
RES 3: Y138.77 High July 9
RES 2: Y138.48 High July 14
RES 1: Y138.07 High Aug 1, Bollinger band top
LPRICE: Y137.79
SUP 1: Y137.78 Hourly support Aug 22
SUP 2: Y137.46 Hourly support Aug 21
SUP 3: Y137.17 21-DMA
SUP 4: Y137.01 Hourly support Aug 20
Following the dip back to the 55-DMA earlier in the week EUR/GBP is starting look gently bid once again. Bears continue to look for a close below the 55-DMA to confirm an easing of bullish pressure and below Gbp0.7915 to end bullish hopes and target 2012 lows. While the 55-DMA supports bulls target the Gbp0.8051-66 region but the Bollinger band top may continue to limit follow through
RES 4: Gbp0.8066 100-DMA
RES 3: Gbp0.8051 Low June 11 now resistance
RES 2: Gbp0.8041 Bollinger band top
RES 1: Gbp0.8036 High Aug 14
LPRICE: Gbp0.8011
SUP 1: Gbp0.8003 Hourly support Aug 21
SUP 2: Gbp0.7968 55-DMA
SUP 3: Gbp0.7955 Breakout level Aug 13
SUP 4: Gbp0.7915 Low Aug 6
