Fresh 2015 and 11+ year lows Friday saw the EUR/USD dip below the falling daily channel base ($1.1485) and the Bollinger band base before bouncing a little. Layers of resistance continue to accumulate with bulls now needing a close above $1.1666 to ease bearish pressure a little and above $1.1746 to shift focus to the $1.1872-97 region. Despite O/S daily studies bears remain firmly focused on a test of the $1.1383 Nov 2003 monthly low.
RES 4: $1.1793 High Jan 15
RES 3: $1.1746 Hourly resistance Jan 15
RES 2: $1.1666 Hourly support Jan 15 now resistance
RES 1: $1.1609 Hourly resistance Jan 16
LPRICE: $1.1564
SUP 1: $1.1516 Bollinger band base
SUP 2: $1.1460 2015 Low Jan 16
SUP 3: $1.1383 Monthly low Nov 7 2003
SUP 4: $1.1137 Low Sept 12 2003
The $1.5274 resistance level confirmed its significance last week with GBP/USD correcting sharply lower from this level to reconfirm immediate focus on the 2015 low and overall focus on the $1.4813 2013 low. Initial resistance is noted on the hourlies at $1.5169 but $1.5274 remains key with bulls needing a close above to hint at a bigger bounce with above the 21-DMA ($1.5340) needed to confirm a shift in focus to the $1.5486-1.5622 region.
RES 4: $1.5335 Hourly resistance Jan 5
RES 3: $1.5322 38.2% Fibonacci retracement 1.5788-1.5034
RES 2: $1.5274 High Jan 6
RES 1: $1.5169 Hourly resistance Jan 16
LPRICE: $1.5144
SUP 1: $1.5113 Hourly support Jan 19
SUP 2: $1.5074 Low Jan 16
SUP 3: $1.5023 Low July 15 2013
SUP 4: $1.4949 Bollinger band base
USD/JPY continues to trade below the 55-DMA and the Ichimoku cloud base but bulls take some comfort in the recovery from ahead of the key ¥115.44-57 support region. The ¥117.96-118.21 resistance region remains key with bulls needing a close above the 55-DMA to hint at a shift higher in focus that initially targets the ¥118.85-119.98 region. Initial support is noted on the hourlies at ¥116.83 with bears needing a close below to reconfirm the bearish bias and focus on ¥115.44-57.
RES 4: ¥119.32 High Jan 12
RES 3: ¥118.85 High Jan 13
RES 2: ¥118.21 55-DMA
RES 1: ¥117.96 High Jan 15
LPRICE: ¥117.12
SUP 1: ¥116.83 Hourly resistance Jan 16 now support
SUP 2: ¥115 85 Low Jan 16
SUP 3: ¥115 57 Monthly Low Dec 16
SUP 4: ¥115 44 Low Nov 17
The continuation lower Friday confirmed the focus on 2014 lows with the EUR/JPY having found support just above. Layers of resistance remain with bulls needing a close above ¥137.00 to ease bearish pressure whereas a close above ¥138.93 is now needed to shift focus back to the ¥140.19-141.76 region where the 100 & 200-DMAs are located. The key concerns for bears are seen coming from O/S daily studies and the Bollinger band base.
RES 4: ¥138.93 Hourly resistance Jan 14
RES 3: ¥138.06 Hourly support Jan 14 now resistance
RES 2: ¥137.00 Low Jan 14 now resistance
RES 1: ¥136.18 High Jan 16
LPRICE: ¥135.30
SUP 1: ¥134.71 Low Jan 16
SUP 2: ¥134.40 Bollinger band base
SUP 3: ¥134.14 2014 Low Oct 16
SUP 4: ¥132.20 Weekly Bollinger band base
The sell-off continued Friday with the EUR/GBP again dipping below the daily channel base and making fresh 7 year lows before bouncing a little but remaining below the Bollinger band base (£0.7655). Focus has now shifted to the £0.7517 low from Feb 26 2008 with bulls needing a close above £0.7673 to ease bearish pressure and above £0.7705 to shift focus back to the £0.7746-96 region where the channel top and 21-DMA are located.
RES 4: £0.7746 High Jan 15
RES 3: £0.7705 Hourly resistance Jan 15
RES 2: £0.7673 High Jan 16
RES 1: £0.7647 Hourly resistance Jan 16
LPRICE: £0.7629
SUP 1: £0.7595 2015 Low Jan 16
SUP 2: £0.7517 Low Feb 26 2008
SUP 3: £0.7392 Low Jan 25 2008
SUP 4: £0.7239 High Dec 5 2007 now support