Bulls take comfort in the close above the 21-DMA Wednesday with the $1.2444 support level having confirmed its significance.
Immediate focus shifts to the falling daily trend line capping around $1.2525 today with bulls needing a close above to add support to the case for a test of the $1.2599-1.2646 region. Bears now look for a close below $1.2444 to signal a false break of the 21-DMA and shift immediate focus to the 2014 low.
RES 3: $1.2643 55-DMA
RES 2: $1.2599 High Nov 19
RES 1: $1.2525 Falling daily trend line Oct high
LPRICE: $1.2504
SUP 1: $1.2484 21-DMA
SUP 2: $1.2444 Alternating hourly support/resistance
SUP 3: $1.2402 Low Nov 25
SUP 4: $1.2357 2014 Low Nov 7
Wednesday’s rally broke the falling daily channel top and key resistance levels with the pair currently flirting with the 21-DMA. The close above $1.5789 confirmed an easing of bearish pressure with bulls now looking for a close above the 21-DMA to shift immediate focus to $1.5945 and overall focus to the $1.6185-1.6228 region. Initial support is now noted $1.5736-64 with bears needing a close below to reconfirm
bearish pressure and target 2014 lows.
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: $1.5803 21-DMA
LPRICE: $1.5791
SUP 1: $1.5764 Hourly support Nov 26
SUP 2: $1.5736 High Nov 17 now support
SUP 3: $1.5625 Low Nov 21
SUP 4: $1.5586 2014 Low Nov 19
RES 3: ¥118.98 2014 High Nov 20
RES 2: ¥118.58 High Nov 25
RES 1: ¥118.03 Hourly resistance Nov 25
LPRICE: ¥117.26
SUP 1: ¥117.05 Previous double daily top now support
SUP 2: ¥116.80 Low Nov 19
SUP 3: ¥116.33 Low Nov 18
SUP 4: ¥116.05 Hourly support Nov 17
The continued hesitation around the ¥147.39 level is becoming an issue for bulls especially when combined with O/B daily studies looking to correct. The significance of the ¥146.29 support is now increased with bears needing close below to hint at a deeper correction targeting the 21-DMA. Overall a close below the 21-DMA (¥144.54) is needed to end bullish hopes and shift focus back to the ¥140.39-142.09 region. Bulls need to see a close above ¥147.39 to reconfirm a bullish bias and initially target 2014 highs.
RES 4: ¥149.13 2014 High Nov 20
RES 3: ¥148.43 Hourly resistance Nov 21
RES 2: ¥148.04 Hourly resistance Nov 21
RES 1: ¥147.39 High Nov 25
LPRICE: ¥146.68
SUP 1: ¥146.29 Low Nov 25
SUP 2: ¥145.58 Low Nov 24
SUP 3: ¥144.77 Low Nov 18
SUP 4: ¥143.34 Low Nov 12
The correction lower that resulted from the failure in the £0.8038-67 region has seen the EUR/GBP find support ahead of the 55-DMA. The bounce that has followed eases bearish pressure a little with bulls needing a close above £0.7971 to hint at a return to the £0.8038-67 region with a close above £0.8004 confirming. Bears need a close below the 55-DMA to shift focus back to the £0.7764-66 region where 2012 & 2014 lows are located.
RES 4: £0.8046 200-DMA
RES 3: £0.8038 High Nov 19
RES 2: £0.8004 High Nov 21
RES 1: £0.7971 Low Nov 20 now resistance
LPRICE: £0.7917
SUP 1: £0.7891 55-DMA
SUP 2: £0.7864 High Nov 5, now support
SUP 3: £0.7798 Low Nov 6
SUP 4: £0.7766 2014 Low Sept 30