EUR/USD continues to find support on dips ahead of 2014 lows and resistance ahead of the $1.2584 level. Bulls continue to look for a close above $1.2584 to confirm a break of the 21-DMA and shift immediate focus back to $1.2771 where the long term trend line and Oct 29 high are located. While $1.2584 caps a bearish bias remains with bears looking for a close below $1.2444 to confirm initial focus on the 2014 low and overall focus on the $1.2042 2012 low.
RES 4: $1.2771 High Oct 29, Falling daily trend line
RES 3: $1.2692 55-DMA
RES 2: $1.2584 Low Oct 7 now resistance
RES 1: $1.2540 21-DMA
LPRICE: $1.2519
SUP 1: $1.2444 Low Nov 17
SUP 2: $1.2395 Low Nov 11
SUP 3: $1.2357 2014 Low Nov 7
SUP 4: $1.2241 Low Aug 10 2012
Layers of resistance continue to accumulate with bulls needing a close above $1.5789 to confirm an easing of bearish pressure and above $1.5945 now needed to confirm breaks of the 21-DMA and the falling daily trend line which shifts focus back to the $1.6185-1.6228 region. Key concerns for bears come from O/S daily studies and the Bollinger band base which may limit follow through but while $1.5789 caps initial focus remains on the $1.5425-62 region.
RES 4: $1.5843 Hourly resistance Nov 12
RES 3: $1.5789 Hourly resistance Nov 12
RES 2: $1.5736 High Nov 17
RES 1: $1.5679 High Nov 18
LPRICE: $1.5613
SUP 1: $1.5591 2014 Low Nov 14
SUP 2: $1.5563 Low Sept 6 2013
SUP 3: $1.5462 Low Aug 30 2013
SUP 4: $1.5425 Low Aug 28 2013
The sharp bounce from ahead of the ¥115.31 support Monday prevented a bearish key day reversal and confirmed the significance of this support with the bounce that followed resulting in fresh 2014 and 7 year highs. Layers of support continue to accumulate with bears now needing a close below ¥116.80 to ease bullish pressure and below ¥116.33 to shift focus back to the ¥115.31 support. Immediate bullish focus remains on the ¥117.94 level with ¥119.82-91 targeted overall.
RES 4: ¥124.16 2007 High June 2007
RES 3: ¥119.91 Bollinger band top
RES 2: ¥119.82 Monthly High Aug 8 2007
RES 1: ¥117.94 Monthly High Oct 15 2007
LPRICE: ¥117.31
SUP 1: ¥117.05 Previous double daily top now support
SUP 2: ¥116.80 Hourly support Nov 19
SUP 3: ¥116.33 Low Nov 18
SUP 4: ¥116.05 Hourly support Nov 17
The bounce from the ¥144.77 support now sees the EUR/JPY pressuring the break down level from Sept 2008 with a close above shifting focus to the psychological ¥150.00 resistance. Layers of support continue to accumulate with bears now needing a close below ¥146.34 to ease bullish pressure and below ¥144.77 to hint at a deeper correction that targets the ¥141.25-142.09 region where the 21-DMA is located. The Bollinger band top is noted at ¥148.59 and may limit follow through above this level today.
RES 4: ¥150.00 Psychological Resistance
RES 3: ¥148.59 Bollinger band top
RES 2: ¥147.31 Rising daily channel top
RES 1: ¥146.98 Breakdown level Sept 2008 now resistance
LPRICE: ¥146.83
SUP 1: ¥146.34 Hourly support Nov 19
SUP 2: ¥145.74 Hourly support Nov 18
SUP 3: ¥144.77 Hourly support Nov 14
SUP 4: ¥144.28 Low Nov 14
Initial support is now noted in the £0.7984-0.8003 region with bears needing a close below £0.7984 to ease bullish pressure & shift focus back to the layers of support in the £0.7864-0.7927 region that includes key DMAs. The Bollinger top remains the key concern for bulls and may limit follow through for the time being. In saying that, while £0.7984-0.8003 supports immediate focus remains on the £0.8046-67 region where the 200-DMA is located.
RES 4: £0.8067 Monthly high Sept 10
RES 3: £0.8054 200-DMA
RES 2: £0.8046 Monthly high Oct 15 2014
RES 1: £0.8023 Hourly resistance Nov 18
LPRICE: £0.8015
SUP 1: £0.8003 High Nov 17 now support
SUP 2: £0.7984 Hourly support Nov 18
SUP 3: £0.7952 Low Nov 17
SUP 4: £0.7927 High Oct 22 now support
