Following Thursday’s break of the key $1.1260 support the EUR/USD has remained heavy and continues to oscillate around the falling Bollinger band base ($1.1083). Immediate focus is now on the $1.1000-35 region with bears favouring a break lower that then sees the $1.0765 level become the focal point. Layers of resistance continue to accumulate with bulls needing a close above $1.1154 to ease bearish pressure.
RES 4: $1.1217 High Mar 3
RES 3: $1.1154 Low Mar 3 now resistance
RES 2: $1.1114 Hourly support Mar 4 now resistance
RES 1: $1.1085 Hourly resistance Mar 5
PRICE: $1.1054
SUP 1: $1.1035 Falling daily trend line extension
SUP 2: $1.1015 High Sept 1 2003 now support
SUP 3: $1.1000 Psychological level
SUP 4: $1.0765 Monthly Low Sept 3 2003
Losses accelerated Wednesday following the first break of the 21-DMA since early Feb with immediate bearish focus having shifted to the supports clustered tightly $1.5188-98. The Bollinger band base may limit follow through on a break lower but a close below $1.5198 would see overall focus confirmed on the $1.4951-88 region where 2015 lows are located. Bulls need a close above $1.5325 to ease bearish pressure and above $1.5398 to target the 100-DMA ($1.5533).
RES 4: $1.5398 High Mar 3
RES 3: $1.5360 21-DMA
RES 2: $1.5325 Hourly support Mar 4 now resistance
RES 1: $1.5268 Hourly resistance Mar 5
PRICE: $1.5245
SUP 1: $1.5198 Ichimoku cloud base, Low Feb 10
SUP 2: $1.5188 Bollinger band base
SUP 3: $1.4988 Monthly Low Feb 3
SUP 4: $1.4951 2015 Low Jan 23
The 21-DMA has supported on dips in the latter half of Feb with the 55-DMA noted just below at ¥118.88. The channel base comes in around ¥118.74 today with bears needing a close below to confirm breaks of the 21 & 55-DMAs, ending bullish hopes and shifting focus to the 100-DMA at ¥117.23. Initial support remains at ¥119.38 with bears needing a close below to ease bullish pressure a little. While ¥119.38 supports immediate bullish focus remains on the ¥120.44-48 region.
RES 4: ¥120.78 2015 High Jan 2
RES 3: ¥120.48 High Feb 11
RES 2: ¥120.44 Bollinger band top
RES 1: ¥120.04 Hourly support Mar 2 now resistance
PRICE: ¥119.81
SUP 1: ¥119.38 Low Mar 3
SUP 2: ¥119.16 21-DMA
SUP 3: ¥119.09 Hourly resistance Feb 26 now support
SUP 4: ¥118.74 Rising daily channel base
After having remained capped by the 21-DMA, recent pressure on the ¥133.44 support resulted in break lower Wednesday that confirms overall focus on the ¥129.97 support. The Bollinger band base (¥132.71) remains the key concern for bears and is likely to moderate the move lower. In saying that, bears now need a close above ¥133.44 to ease bearish pressure and above the 21-DMA to hint at a bounce back to the key ¥136.72 resistance level with above ¥135.65 confirming.
RES 4: ¥134.71 21-DMA
RES 3: ¥133.44 Low Feb 27 now resistance
RES 2: ¥133.22 Hourly resistance Mar 4
RES 1: ¥132.73 Hourly resistance Mar 5
PRICE: ¥132.46
SUP 1: ¥132.22 Low Feb 2
SUP 2: ¥131.96 Hourly support Jan 30
SUP 3: ¥129.97 Monthly Low Sept 6 2013
SUP 4: ¥128.30 Weekly Bollinger band base
Bulls continue to look for a close above initial resistance at £0.7301 to ease the bearish pressure that sees overall bearish focus on the £0.7090-0.7114 region. The Bollinger band base has so far limited follow through with O/S daily studies also a concern for bears. Overall bulls need to see a close above the 21-DMA to end bearish hopes and hint at a bigger bounce that initially targets the £0.7462 level.
RES 4: £0.7462 High Feb 9
RES 3: £0.7359 21-DMA
RES 2: £0.7352 Hourly resistance Feb 23
RES 1: £0.7301 High Mar 3
PRICE: £0.7250
SUP 1: £0.7230 Bollinger band base
SUP 2: £0.7223 2015 Low Mar 2
SUP 3: £0.7114 Low Dec 17 2007
SUP 4: £0.7090 Monthly Low Dec 3 2007