Following the recent failure at the $1.3160 level bearish dominance was well and truly confirmed Thursday with the EUR/USD trading at fresh 2014 and 14 month lows. Layers of resistance are now noted in the $1.2989-1.3160 region with bulls needing a close above $1.3050 to confirm an easing of bearish pressure and above $1.3160 to shift focus higher. The move lower sees bears initially targeting 2013 lows with the Bollinger band base the key concern.
RES 4: $1.3160 High Sept 3
RES 3: $1.3110 Low Sept 2 now resistance
RES 2: $1.3050 Hourly resistance Sept 4
RES 1: $1.2989 High Sept 5
LPRICE: $1.2938
SUP 1: $1.2920 2014 Low Sept 4
SUP 2: $1.2898 High July 9 2013 now support
UP 3: $1.2745 2013 Low Apr 4 2013
SUP 4: $1.2660 Monthly Low Nov 13 2012
After bouncing a little from fresh 2014 and 10 month lows on Friday the pair gapped lower at the open to start the new week with initial resistance now noted in the $1.6233-81 region. Bulls now look for a close above Friday’s $1.6281 low to ease bearish pressure with a close above $1.6440 needed to shift immediate focus to layers of resistance $1.6499-1.6650. Bears are now focused on the $1.5858 Nov 2013 monthly low.
RES 4: $1.6440 Low Sept 3 Now resistance
RES 3: $1.6350 Hourly resistance Sept 4
RES 2: $1.6281 Low Sept 5 Now resistance
RES 1: $1.6233 Hourly resistance Sept 8
LPRICE: $1.6208
SUP 1: $1.6164 Low Sept 8
SUP 2: $1.6133 Low Nov 25 2013
SUP 3: $1.6084 100-WMA
SUP 4: $1.6005 200-WMA
The pullback from fresh 2014 and 6 year highs saw the pair trade marginally below the previous Y104.73 initial support before bouncing a little to end the week. Initial support is now noted at Friday’s low with bears needing a close below to ease bullish pressure whereas a close below Y103.40 it needed to shift focus back to the 200-DMA. While Y104.68 supports immediate focus remains on last week’s highs with the Bollinger band top and O/B studies key concerns for bulls.
RES 4: ¥107.98 High Sept 19 2008
RES 3: ¥106.99 High Sept 25 2008
RES 2: ¥105.71 2014 High Sept 4
RES 1: ¥105.27 Hourly resistance Sept 5
LPRICE: ¥105.06
SUP 1: ¥104.68 Low Sept 5
SUP 2: ¥104.39 Hourly resistance Aug 2 now support
SUP 3: ¥104.22 Hourly support Sept 1
SUP 4: ¥103.58 21-DMA
The break below the 55-DMA was somewhat dramatic Thursday with immediate focus having returned to the 2014 low. The key concern for bears is the proximity of the Bollinger band base with daily studies not yet at O/S levels. In saying that, bulls now need a close back above ¥136.86 to ease bearish pressure a little and above ¥137.68 to shift focus back to last week’s ¥138.27 highs. Bears currently dominate with fresh 2014 lows initially targeting the ¥134.10 Nov 20 2013 low.
RES 4: ¥138.02 High Sept 4
RES 3: ¥137.68 Previous hourly support now resistance
RES 2: ¥136.86 Low Sept 1 now resistance
RES 1: ¥136.36 Hourly resistance Sept 5
LPRICE: ¥135.95
SUP 1: ¥135.73 2014 Low Aug 8
SUP 2: ¥134.10 Low Nov 20 2013
SUP 3: ¥132.21 Low Nov 11 2013
SUP 4: ¥131.20 Monthly Low Nov 7 2013
Volatile trading in recent days has seen the pair trading sideways within a broad £0.7890-0.8016 range. The £0.8016-36 region remains a sticking point with repeated attempts to break this region resulting in sharp corrections lower so bulls need a close above £0.8036 to hint at a shift higher in overall focus that targets the 200-DMA (£0.8164). While £0.8036 caps bears target the £0.7874-90 region.
RES 4: £0.8051 Low June 11 now resistance
RES 3: £0.8036 Monthly High Aug 14
RES 2: £0.8033 100-DMA
RES 1: £0.8016 High Aug 22
LPRICE: £0.7982SUP 1: £0.7958 High Sept 5 now support
SUP 2: £0.7919 Low Sept 5
SUP 3: £0.7890 Low Sept 1
SUP 4: £0.7874 2014 Low July 23
