The bounce from ahead of the $1.2241 support and falling daily trend line projection Monday stalled at the $1.2345 resistance level confirming its significance. Layers of resistance remain $1.2345-1.2601 with bulls needing a close above $1.2393 to confirm an easing of bearish pressure. A close above $1.2456 is then needed to confirm breaks of the 21-DMA and falling daily trend like of Oct highs and shift initial focus to the $1.2599-1.2635 region. While $1.2393 caps bears remain focused on a break of $1.2241 targeting $1.2042.
RES 4: $1.2456 High Dec 4
RES 3: $1.2435 21-DMA, Falling daily trend line
RES 2: $1.2393 High Dec 5
RES 1: $1.2345 Hourly support Dec 5 now resistance
LPRICE: $1.2311
SUP 1: $1.2241 Low Aug 10 2012
SUP 2: $1.2234 Falling daily trend line projection Oct/Nov lows
SUP 3: $1.2133 Low Aug 2 2012
SUP 4: $1.2042 2012 Low July 24 2012
Continued failures around the 21-DMA have resulted in fresh 2014 and 16 month lows with initial focus currently on the $1.5425-62 region. Layers of resistance have accumulated in the $1.5694-1.5825 region with bulls now needing a close above $1.5694 to confirm a break of the 21-DMA and falling daily channel top, easing bearish pressure and shifting immediate focus to the $1.5763-1.5825 region. The key concern for bears comes from the Bollinger band base limiting follow through
RES 4: $1.5930 55-DMA
RES 3: $1.5825 High Nov 27
RES 2: $1.5763 High Dec 1
RES 1: $1.5694 Falling daily channel top, 21-DMA
LPRICE: $1.5638
SUP 1: $1.5609 Alternating hourly support/resistance
SUP 2: $1.5541 2014 Low Dec 8
SUP 3: $1.5462 Low Aug 30 2013
SUP 4: $1.5425 Low Aug 28 2013
The correction lower and relatively bearish close following fresh 2014 and 7 year highs Monday is a concern for bulls especially when combined with O/B daily studies looking to correct. The ¥119.04-43 region is now seen as key support with bears needing a close below to ease bullish pressure and shift immediate focus to the ¥117.87-118.16 region where the 21-DMA is located. Bulls now need a close back
above ¥121.00 to reconfirm immediate focus on fresh 2014 highs and overall focus on 2007 highs at ¥124.16.
RES 4: ¥122.54 Rising daily channel top
RES 3: ¥121.84 2014 High Dec 8
RES 2: ¥121.25 Hourly support Dec 8 now resistance
RES 1: ¥121.00 Hourly resistance Dec 9
LPRICE: ¥120.20
SUP 1: ¥119.64 Hourly support Dec 4
SUP 2: ¥119.43 Rising daily channel base
SUP 3: ¥119.04 Hourly support Dec 2
SUP 4: ¥118.16 21-DMA
The pullback from ahead of the ¥150.00 level following fresh 2014 and 6 year highs combined with a relatively bearish close is a concern for bulls with focus now having shifted to the key ¥147.03 support. Bears now look for a close below this level to confirm a break of the 21-DMA and shift immediate focus to the ¥145.58 Nov 24 low. Bulls now need a close above ¥148.95 to reconfirm bullish pressure and initially
target the ¥150.00 level.
RES 4: ¥150.00 Psychological resistance level
RES 3: ¥149.80 2014 High Dec 8
RES 2: ¥148.95 Alternating daily support/resistance
RES 1: ¥148.20 Low Dec 8 now resistance
LPRICE: ¥148.08
SUP 1: ¥147.34 Rising daily trend line
SUP 2: ¥147.03 Low Dec 1
SUP 3: ¥146.94 21-DMA
SUP 4: ¥146.29 Low Nov 25
Volatile trading continues for euro-sterling but the pair remains capped on bounces at £0.7922. The £0.7922-46 resistance region remains key with bulls needing a close above to end bearish hopes and shift overall focus back to the £0.8036-67 region. While the key resistance region caps bears look for a close below £0.7832 to reconfirm bearish focus and below £0.7799 to shift immediate focus to £0.7664-66.
RES 4: £0.8004 High Nov 21
RES 3: £0.7977 High Dec 1
RES 2: £0.7946 Alternating hourly support/resistance
RES 1: £0.7922 High Dec 4
LPRICE: £0.7875
SUP 1: £0.7832 Low Dec 3
SUP 2: £0.7824 Rising daily trend line
SUP 3: £0.7798 Low Nov 6
SUP 4: £0.7766 2014 Low Sept 30