The significance of the $1.2605 support was confirmed last week with the euro having found support around this level to work its way back towards $1.2742. Bulls need a close above $1.2742 to ease bearish pressure and a close above $1.2845 to shift focus back to $1.2995. Bears remain firmly in control with a break below $1.2605 seeing immediate focus turn to the 2014 lows with overall focus shifting to the $1.2042 2012 low.
RES 4: $1.2918 55-DMA
RES 3: $1.2902 High Sept 23
RES 2: $1.2845 Hourly resistance Oct 16
RES 1: $1.2742 Hourly resistance Oct 22
LPRICE: $1.2703
SUP 1: $1.2670 Hourly support Oct 27
SUP 2: $1.2605 Low Oct 10
SUP 3: $1.2501 2014 Low Oct 3
SUP 4: $1.2428 Weekly Bollinger band base
GBP/USD is currently flirting with the 21-DMA with bulls looking for a close above $1.6142 to confirm an easing of bearish pressure. Overall bulls look for a close above $1.6228 to end bearish hopes and target the $1.5625-40 region. While $1.6142 caps bears retain the upper hand with a close below $1.6071 now needed to provide breathing space and reconfirm bearish pressure that sees bears initially focused on 2014 lows.
RES 4: $1.6228 High Oct 9
RES 3: $1.6185 High Oct 21
RES 2: $1.6165 Falling daily trend line
RES 1: $1.6142 Alternating hourly support/resistance
LPRICE: $1.6101
SUP 1: $1.6071 Hourly support Oct 24
SUP 2: $1.5994 Low Oct 23
SUP 3: $1.5940 Low Oct 16
SUP 4: $1.5875 2014 Low Oct 15
After having broken above the ¥107.60 level last week USD/JPY has so far found support on dips back towards this level and is currently finding support around the 21-DMA (¥107.89). Bears need a close below ¥107.60 to ease bullish pressure and below ¥106.79 to target a retest of the ¥105.19 low. While ¥107.60 supports bulls look for a close above ¥108.74 to confirm bullish pressure and overall focus on the ¥110.09-68 region.
RES 4: ¥110.09 2014 High Oct 1
RES 3: ¥109.25 High Oct 7
RES 2: ¥108.74 High Oct 8
RES 1: ¥108.35 High Oct 23
LPRICE: ¥107.95
SUP 1: ¥107.60 Alternating hourly support/resistance
SUP 2: ¥107.12 Hourly support Oct 23
SUP 3: ¥106.79 Low Oct 22
SUP 4: ¥106.57 Hourly support Oct 21
Bulls are taking comfort in the close above the 21-DMA (¥136.91) to end last week with EUR/JPY having found support on dips back to the 21-DMA in Asian trading Monday. Bears now need a close back below ¥136.49 to confirm an easing of bullish pressure and see focus shift back to the ¥134.10 level. Layers of resistance ¥137.52-94 are now key with a close above needed to confirm bullish pressure and target the 200-DMA (¥139.11).
RES 4: ¥139.11 200-DMA
RES 3: ¥137.94 Low Sept 30 now resistance
RES 2: ¥137.70 100-DMA
RES 1: ¥137.52 55-DMA
LPRICE: ¥137.13
SUP 1: ¥136.49 Low Oct 24
SUP 2: ¥136.06 Hourly support Oct 23
SUP 3: ¥135.68 Hourly breakout level Oct 23
SUP 4: ¥135.21 Low Oct 23
EUR/GBP continues to flirt with the 21-DMA (£0.7884) with bears needing a close below £0.7869 to confirm a break of the 21-DMA and a close below £0.7850 to shift overall focus back to the 2012 & 2014 lows in the £0.7764-66 region. While £0.7869 supports bulls retain a slight bias with a close above £0.7951 needed to confirm bullish pressure and see focus shift to the £0.8067-88 region where the 200-DMA is located.
RES 4: £0.7985 Hourly resistance Oct 16
RES 3: £0.7951 Alternating hourly support/resistance
RES 2: £0.7927 High Oct 22
RES 1: £0.7901 High Oct 24
LPRICE: £0.7887
SUP 1: £0.7869 Low Oct 24
SUP 2: £0.7850 Low Oct 10
SUP 3: £0.7820 Low Oct 2
SUP 4: £0.7766 2014 Low Sept 30
