After pulling back from ahead of the $1.2499 level Wednesday the EUR/USD is looking a little heavy again as layers of resistance remain in the $1.2499-1.2642 region. Bulls now look for a close above $1.2499 to ease bearish pressure and above $1.2642 to confirm a break of the 21-DMA and hint at a move back to the $1.2885-1.2995 region. Immediate focus remains on retests of the 2014 low with overall focus on the $1.2042 2010 low while the 21-DMA caps.
RES 4: $1.2642 Falling daily trend line
RES 3: $1.2588 21-DMA
RES 2: $1.2539 Alternating hourly support/resistance
RES 1: $1.2499 High Nov 11
LPRICE: $1.2448
SUP 1: $1.2395 Low Nov 11
SUP 2: $1.2357 2014 Low Nov 7
SUP 3: $1.2327 Bollinger band base
SUP 4: $1.2241 Low Aug 10 2012
Recent hesitation at $1.5945 has resulted in fresh 2014 and 14 month lows for GBP/USD with immediate focus having shifted to the $1.5425-62 region. Layers of resistance have accumulated with bulls needing a close above $1.5945 to ease bearish pressure and above $1.6038 to confirm a break of the 21-DMA and shift immediate focus back to the $1.6185-1.6228 region. Key concerns for bears come from O/S daily studies and the Bollinger band base ($1.5764).
RES 4: $1.5945 High Nov 11
RES 3: $1.5881 Previous hourly support now resistance
RES 2: $1.5843 Hourly resistance Nov 12
RES 1: $1.5789 Hourly resistance Nov 12
LPRICE: $1.5773
SUP 1: $1.5758 2014 Low Nov 13
SUP 2: $1.5717 High Aug 21 2013 now support
SUP 3: $1.5563 Low Sept 6 2013
SUP 4: $1.5462 Low Aug 30 2013
Layers of support continue to accumulate in the Y113.86-115.43 region. Initial support is noted at Y115.43 but bulls need to see a close below the Y114.62-88 region to confirm an easing of bullish pressure. Overall a close below Y113.86 remains needed to hint at a deeper correction initially targeting Y112.49-98 and then the 21-DMA at Y111.03. While Y114.62 supports, immediate focus in on fresh 2014 highs and then the Y117.94-118.13 region.
RES 4: Y119.82 Monthly High Aug 8 2007
RES 3: Y118.13 Bollinger band top
RES 2: Y117.94 Monthly High Oct 15 2007
RES 1: Y116.10 2014 High Nov 10
LPRICE: Y115.70
SUP 1: Y115.43 Hourly support Nov 13
SUP 2: Y114.88 Low Nov 12
SUP 3: Y114.62 Hourly support Nov 11
SUP 4: Y113.86 Low Nov 10
After recently having found support at Y142.06 the sharp move higher Tuesday sees bulls focused on Y145.69-98 where the Bollinger band top, rising channel top and 2013 high are located. Layers of support continue to accumulate with bears now needing a close below Y143.34 to ease bullish pressure and below Y142.06 to hint at a deeper correction. The key concern for bulls comes from the O/B daily studies that may begin to limit topside follow through.
RES 4: Y145.98 Bollinger band top
RES 3: Y145.95 Rising short term channel top
RES 2: Y145.69 2013 High Dec 27 2013
RES 1: Y145.10 2014 High Jan 1
LPRICE: Y144.03
SUP 1: Y143.34 Low Nov 12
SUP 2: Y143.05 High Nov 7 now support
SUP 3: Y142.06 Low Nov 7
SUP 4: Y141.70 Low Nov 4
The close above Gbp0.7864 ends bearish hopes for now and sees immediate focus shift to the Gbp0.7918-51 region where the 100-DMA and 61.8% Fibonacci retracement are located. Gbp0.7864 now becomes key support with bears needing a close below to regain control and see focus return to the Gbp0.7764-98 region. Bulls now look for a close above Gbp0.7951 to add support to the case for a move that targets the Gbp0.8060-70 region where the 200-DMA is located.
RES 4: Gbp0.7985 Hourly resistance Oct 16
RES 3: Gbp0.7951 61.8% Fibonacci 0.8047-0.7798
RES 2: Gbp0.7927 High Oct 22
RES 1: Gbp0.7918 100-DMA
LPRICE: Gbp0.7887
SUP 1: Gbp0.7864 High Nov 5, now support
SUP 2: Gbp0.7798 Low Nov 6
SUP 3: Gbp0.7766 2014 Low Sept 30
SUP 4: Gbp0.7764 2012 Low July 23 2012
