The recovery from marginally above the 2014 low continues with the EUR/USD currently flirting with the 21-DMA ($1.2488). The $1.2499 resistance remains key to direction with bulls needing a close above to confirm an easing of bearish pressure and above $1.2599 to target the $1.2771-1.2885 region. Initial support is now noted at the alternating $1.2444 support/resistance level with bears needing a close below to reconfirm bearish pressure.
RES 4: $1.2650 55-DMA
RES 3: $1.2599 High Nov 19
RES 2: $1.2537 Falling daily trend line Oct high
RES 1: $1.2499 Low Nov 20 now resistance
LPRICE: $1.2473
SUP 1: $1.2444 Alternating hourly support/resistance
SUP 2: $1.2357 2014 Low Nov 7
SUP 3: $1.2241 Low Aug 10 2012
SUP 4: $1.2133 Low Aug 2 2012
Initial resistance remains in the $1.5736-89 region with the $1.5736 level confirming significance on Tuesday. Bulls now look for a close above the 21-DMA to confirm a break through the $1.5736-89 region and to shift focus back to $1.5947-1.6228. The recovery from ahead of 2014 lows combined with O/S daily studies remains a concern for bears but while the 21-DMA caps bears initially remain focused on retests of the $1.5586-1.5625 region
RES 4: $1.5843 Hourly resistance Nov 12
RES 3: $1.5809 21-DMA
RES 2: $1.5789 Hourly resistance Nov 12
RES 1: $1.5736 High Nov 17 & 25
LPRICE: $1.5708
SUP 1: $1.5625 Low Nov 21
SUP 2: $1.5586 2014 Low Nov 19
SUP 3: $1.5563 Low Sept 6 2013
SUP 4: $1.5462 Low Aug 30 2013
Bears continue to look for a close below Y117.35 to ease bullish pressure and below Y116.33 to shift focus back to the Y115.31 support. The recent hesitation ahead of the 2014 and 7 year highs is a concern for bulls especially when combined with the O/B daily studies looking to correct. But, while Y117.35 supports bulls initially remain focused on the Y118.98-119.82 region.
RES 4: Y122.60 High July 13 2007
RES 3: Y119.82 Monthly High Aug 8 2007
RES 2: Y118.98 2014 High Nov 20
RES 1: Y118.58 High Nov 25
LPRICE: Y117.70
SUP 1: Y117.35 Low Nov 21
SUP 2: Y117.05 Previous double daily top now support
SUP 3: Y116.80 Low Nov 19
SUP 4: Y116.33 Low Nov 18
The recovery from Friday’s sharp sell-off continues with the Y145.58 support seen as key. Bears now look for a close below this level to hint at a deeper correction that targets the Y140.39-142.09 region. While Y145.58 supports a bullish bias remains but bulls now need to see a close above Y147.39 to reconfirm bullish pressure and shift immediate focus to retests of the 2014 high. O/B studies looking to correct remain the key concern for bulls
RES 4: Y149.13 2014 High Nov 20
RES 3: Y148.43 Hourly resistance Nov 21
RES 2: Y148.04 Hourly resistance Nov 21
RES 1: Y147.39 High Nov 25
LPRICE: Y146.87
SUP 1: Y146.29 Low Nov 25
SUP 2: Y145.58 Low Nov 24
SUP 3: Y144.77 Low Nov 18
SUP 4: Y143.34 Low Nov 12
The correction lower from the failure in the Gbp0.8038-67 region has seen the pair find support ahead of the 21 & 55-DMAs. The bounce that has followed eases bearish pressure and shifts immediate focus to the Gbp0.7971-0.8004 region. Bulls look for a close above Gbp0.7971 to hint at a return to the Gbp0.8038-67 region with a close above Gbp0.8004 confirming. Bears need a close below the 55-DMA to shift focus back to the Gbp0.7764-66 region.
RES 4: Gbp0.8048 200-DMA
RES 3: Gbp0.8038 High Nov 19
RES 2: Gbp0.8004 High Nov 21
RES 1: Gbp0.7971 Low Nov 20 now resistance
LPRICE: Gbp0.7939
SUP 1: Gbp0.7903 Low Nov 21
SUP 2: Gbp0.7891 55-DMA
SUP 3: Gbp0.7864 High Nov 5, now support
SUP 4: Gbp0.7798 Low Nov 6