Fresh 2015 and 11+ year lows Friday saw the EUR/USD dip below the falling daily channel base ($1.1450) and the Bollinger band base before bouncing. Layers of resistance remain 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: $1.1709 Falling daily channel top
RES 1: $1.1666 Hourly support Jan 15 now resistance
LPRICE: $1.1581
SUP 1: $1.1486 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 $1.4818 2013 low. Initial resistance is noted on the hourlies at $1.5118 but bulls now need a close above $1.5179 to shift focus back to the key $1.5276-1.5333 region where the 21-DMA and 38.2% Fibonacci retracement are located.
RES 4: $1.5322 38.2% Fibonacci retracement 1.5788-1.5034
RES 3: $1.5274 High Jan 6
RES 2: $1.5179 High Jan 19
RES 1: $1.5118 Hourly resistance Jan 20
LPRICE: $1.5077
SUP 1: $1.5057 Hourly support Jan 20
SUP 2: $1.5023 Low July 15 2013
SUP 3: $1.4921 Bollinger band base
SUP 4: $1.4818 2013 Low July 9 2013
The recovery from the 2015 low continues with bulls taking comfort in the break above the ¥117.96 level and the pair currently flirting with the 55-DMA (¥118.30). Bulls look for a close above the 55-DMA to confirm an easing of bearish pressure and to shift immediate focus to layers of resistance in the ¥118.85-119.98 region. Daily studies are correcting from O/S and add support to the bullish case with bears needing a close below ¥117.96 today to shift immediate focus back to the ¥116.83 support
RES 4: ¥119.98 High Jan 8
RES 3: ¥119.32 High Jan 12
RES 2: ¥119.06 21-DMA
RES 1: ¥118.85 High Jan 13
LPRICE: ¥118.29
SUP 1: ¥117.96 High Jan 15 now support
SUP 2: ¥116.83 Hourly resistance Jan 16 now support
SUP 3: ¥115 85 2015 Low Jan 16
SUP 4: ¥115 57 Monthly Low Dec 16
The recovery from just short of 2014 lows continues for the EUR/JPY as O/S daily studies correct and remain supportive of further topside. Euro-yen is currently flirting with the ¥137.00 level with bulls needing a close above to confirm an easing of 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. Bears now need a close below ¥136.20 to reconfirm immediate focus on 2014 lows with the Bollinger band base the key concern.
RES 4: ¥140.88 High Jan 12
RES 3: ¥140.18 Hourly support Jan 14 now resistance
RES 2: ¥138.93 Hourly resistance Jan 14
RES 1: ¥138.06 Hourly support Jan 14 now resistance
LPRICE: ¥137.00
SUP 1: ¥136.20 High Jan 16 now support
SUP 2: ¥134.71 Low Jan 16
SUP 3: ¥134.14 2014 Low Oct 16
SUP 4: ¥132.44 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. The £0.7746-87 resistance region remains key this week with bulls needing a close above to end bearish hopes and shift focus to layers of resistance in the £0.7832-0.7875 region where key DMAs are located. While £0.7746 caps bears favour a break lower that initially targets £0.7517 with the Bollinger band base the key concern for bears.
RES 4: £0.7787 Falling daily channel top
RES 3: £0.7783 21-DMA
RES 2: £0.7746 High Jan 15
RES 1: £0.7705 Hourly resistance Jan 15
LPRICE: £0.7679
SUP 1: £0.7673 Hourly support Jan 19
SUP 2: £0.7628 Low Jan 19
SUP 3: £0.7595 2015 Low Jan 16
SUP 4: £0.7517 Low Feb 26 2008