Bears take some comfort in the pullback from the marginal move above the $1.1449 level Thursday but bears still need a close below $1.1319 to provide breathing space, confirming a break of the 21-DMA and hinting at a move back to 2015 lows. Bulls need a close above $1.1450 to hint at a shift higher in focus and above $1.1540 to target layers of resistance $1.1680-1.1897.
RES 4: $1.1680 High Jan 21
RES 3: $1.1661 38.2% Fibonacci retracement 1.2571-1.1098
RES 2: $1.1541 Low Jan 21 now resistance
RES 1: $1.1450 High Feb 19
PRICE: $1.1364
SUP 1: $1.1343 21-DMA
SUP 2: $1.1319 Low Feb 16
SUP 3: $1.1260 Low Jan 28
SUP 4: $1.1224 Low Jan 27
Wednesday’s bounce from the channel base and around the 55-DMA resulted in a pop above the 61.8% Fibo only to stall ahead of $1.5486. $1.5468-86 remains key resistance with bulls needing a close above to shift focus to $1.5594-1.5622. The Bollinger band top at $1.5512 and O/B studies are key concerns for bulls. Bears need a close below $1.5404 to relieve pressure on initial resistance and below $1.5316 to shift focus to $1.5200-22.
RES 4: $1.5622 High Dec 31
RES 3: $1.5594 100-DMA
RES 2: $1.5486 Previous daily support now resistance
RES 1: $1.5468 61.8% Fibonacci retracement 1.5788-1.4951
PRICE: $1.5427
SUP 1: $1.5404 Low Feb 19
SUP 2: $1.5316 Low Feb 17
SUP 3: $1.5222 21-DMA
SUP 4: $1.5200 Low Feb 9
Bulls have so far been unable to capitalize on recent bounces from the 21-DMA with bears now needing a close below the channel base to end bullish hopes and target ¥115.45-116.15. Overall the ¥115.45-57 region remains key support with a close below needed to shift focus back to the 200-DMA (¥109.84). Bulls need a close above ¥119.43 to provide breathing space and confirm bullish focus on the ¥120.48-121.08 region where the daily channel top is located.
RES 4: ¥121.08 Rising daily channel top
RES 3: ¥120.78 2015 High Jan 2
RES 2: ¥120.48 High Feb 11
RES 1: ¥119.43 High Feb 17
PRICE: ¥118.87
SUP 1: ¥118.80 Hourly support Feb 19
SUP 2: ¥118.38 21-DMA
SUP 3: ¥117.98 Rising daily channel base
SUP 4: ¥116.66 Low Feb 2
The ¥133.68-134.79 support region remains key with bears now needing a close below ¥133.68 to confirm breaks of the daily channel base and 21-DMA, ending bullish hopes and shifting overall focus back to the ¥129.97 level. Bulls have so far been unable to capitalize on the close above the 21-DMA with a close above ¥136.72 needed to add support to the bullish case and shift focus to layers of resistance ¥138.94-140.75 where key DMAs are located.
RES 4: ¥139.42 200-DMA
RES 3: ¥138.94 High Jan 14
RES 2: ¥137.65 High Jan 20, 38.2% Fibo 149.80-130.02
RES 1: ¥136.72 High Feb 12
PRICE: ¥135.11
SUP 1: ¥134.94 Low Feb 19
SUP 2: ¥134.79 Hourly resistance Feb 17 now support
SUP 3: ¥134.35 21-DMA
SUP 4: ¥133.93 Low Feb 17
The significance of the £0.7455-62 region was confirmed recently with the EUR/GBP pulling back from ahead of this region to record fresh 2015 and 7+ year lows. The Bollinger band bases are seen as key concerns for bears and may limit follow through below £0.7338. Bulls continue to look for a close above £0.7462 to confirm an easing of bearish pressure and to hint at a bounce that targets the £0.7595 level.
RES 4: £0.7595 Low Jan 16 now resistance
RES 3: £0.7520 Hourly support Feb 2 now resistance
RES 2: £0.7462 High Feb 9
RES 1: £0.7455 21-DMA
PRICE: £0.7365
SUP 1: £0.7348 2015 Low Feb 18
SUP 2: £0.7338 Bollinger band base
SUP 3: £0.7239 High Dec 12 2007 now resistance
SUP 4: £0.7114 Low Dec 17 2007