EUR/USD continues to trade sideways within the broad $1.2499-1.2599 range with rallies now capped by the falling daily trend line off Oct monthly highs. The $1.2499 & $1.2599 levels remain key with bulls needing a close above $1.2599 to confirm an easing of bearish pressure and shift immediate focus to the $1.2749-1.2885 region. While $1.2599 caps bears continue to look for a close below $1.2499 to reconfirm bearish focus and initially target 2014 lows.
RES 4: $1.2749 Falling daily trend line July 10 high
RES 3: $1.2678 55-DMA
RES 2: $1.2599 High Nov 19
RES 1: $1.2572 Falling daily trend line Oct high
LPRICE: $1.2544
SUP 1: $1.2499 Low Nov 18
SUP 2: $1.2444 Low Nov 17
SUP 3: $1.2395 Low Nov 11
SUP 4: $1.2357 2014 Low Nov 7
Layers of resistance remain with bulls needing a close above $1.5789 to confirm an easing of bearish pressure and above $1.5945 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 is limiting follow through but while $1.5789 caps focus remains on $1.5425-62.
RES 4: $1.5881 Previous hourly support now resistance
RES 3: $1.5843 Hourly resistance Nov 12
RES 2: $1.5789 Hourly resistance Nov 12
RES 1: $1.5736 High Nov 17
LPRICE: $1.5684
SUP 1: $1.5632 Low Nov 20
SUP 2: $1.5586 2014 Low Nov 19
SUP 3: $1.5563 Low Sept 6 2013
SUP 4: $1.5462 Low Aug 30 2013
The significance of the ¥117.35 level was confirmed with today’s sell-off from the recent 2014 and 7 year high having found support at this level. Bears continue to look for a close below ¥117.35 to ease bullish pressure and below ¥116.33 to shift focus back to the ¥115.31 support. Key support remains in the ¥112.08-113.86 region with a close below needed to end bullish hopes and target the ¥105.19 Oct monthly low. While ¥117.35 supports bulls initially remain focused on the ¥119.82-120.66 region.
RES 4: ¥124.16 2007 High June 2007
RES 3: ¥122.60 High July 13 2007
RES 2: ¥120.66 Bollinger band top
RES 1: ¥119.82 Monthly High Aug 8 2007
LPRICE: ¥117.89
SUP 1: ¥117.35 Hourly support Nov 21
SUP 2: ¥117.05 Previous double daily top now support
SUP 3: ¥116.80 Low Nov 19
SUP 4: ¥116.33 Low Nov 18
Fresh 2014 and 6 year highs Thursday now see immediate focus shift to the ¥149.89-150.00 region where the Bollinger band top is located with overall focus now on the ¥153.51-157.00 region. Layers of support continue to accumulate with bears now needing a close below ¥147.37 to ease bullish pressure and below ¥146.35 to hint at a deeper correction that targets the ¥142.09-143.35 region where the 21-DMA (¥142.80) is located. O/B daily studies remain the key concern for bulls.
RES 4: ¥153.51 Low Sept 26 2008 now resistance
RES 3: ¥151.29 High Sept 30 2008
RES 2: ¥150.00 Psychological Resistance
RES 1: ¥149.13 2014 High Nov 20
LPRICE: ¥147.91
SUP 1: ¥147.37 Hourly support Nov 19
SUP 2: ¥146.35 Low Nov 19
SUP 3: ¥145.74 Hourly support Nov 18
SUP 4: ¥144.77 Hourly support Nov 14
Continued hesitation ahead of the £0.8046-67 resistance region is a concern for bulls especially when combined with O/B daily studies that are looking to correct lower and the Bollinger band top. It is worth noting a close above the 200-DMA has not been seen since Oct 2013. Layers of support have accumulated with bears now needing a close below £0.7952 to ease bullish pressure and below the 100-DMA to hint at a move back to the £0.7764-66 region.
RES 4: £0.8067 Monthly high Sept 10
RES 3: £0.8053 200-DMA
RES 2: £0.8046 Monthly high Oct 15 2014
RES 1: £0.8038 High Nov 19
LPRICE: £0.7997
SUP 1: £0.7952 Low Nov 17
SUP 2: £0.7927 High Oct 22 now support
SUP 3: £0.7920 100-DMA
SUP 4: £0.7896 55-DMA
