Losses continued Friday following on from Thursday’s break of the psychological $1.1000 level. Layers of resistance have accumulated with bears now needing a close above $1.1032 to ease bearish pressure and above $1.1260 to hint at a bigger bounce. Bearish focus has now been confirmed on the $1.0563-1.0765 region representing Apr & Sept 2003 monthly lows. The Bollinger base and O/S studies are key concerns for bears.
RES 4: $1.1114 Hourly support Mar 4 now resistance
RES 3: $1.1032 High Mar 5
RES 2: $1.0987 Low Mar 5 now resistance
RES 1: $1.0900 Hourly resistance Mar 6
PRICE: $1.0844
SUP 1: $1.0817 2015 Low Mar 9
SUP 2: $1.0765 Monthly Low Sept 3 2003
SUP 3: $1.0660 Weekly Bollinger band base
SUP 4: $1.0563 Monthly Low Apr 7 2003
Losses continued Friday with a dramatic fall through the previous $1.5197 support that sees immediate bearish focus having been confirmed on the 2015 low. Initial resistance is noted at $1.5089 but bulls need to see a close above $1.5220 to ease bearish pressure and above $1.5401 to target a bigger bounce. Fresh 2015 lows see bears targeting 2015 lows.
RES 4: $1.5325 Hourly support Mar 4 now resistance
RES 3: $1.5269 High Mar 5
RES 2: $1.5220 Hourly resistance Mar 6
RES 1: $1.5089 Hourly resistance Mar 6
PRICE: $1.5067
SUP 1: $1.4988 Monthly Low Feb 3
SUP 2: $1.4951 2015 Low Jan 23
SUP 3: $1.4847 Weekly Bollinger band base
SUP 4: $1.4818 2013 Low July 9 2013
Fresh 2015 and 3 month highs Friday sees bullish focus having shifted to the 2014 high and then the weekly Bollinger band top above. The daily Bollinger band is seen a key concern for bulls and may moderate the move higher. Layers of support have accumulated with bears needing a close below Y120.40 to ease bearish pressure and below the channel base (Y118.91) to confirm a break of the 21-DMA and end bullish hopes.
RES 4: Y124.00 Weekly Bollinger band top
RES 3: Y122.02 Rising daily channel top
RES 2: Y121.85 2014 high Dec 8
RES 1: Y121.28 High Mar 6
PRICE: Y120.96
SUP 1: Y120.62 Hourly support Mar 9
SUP 2: Y120.40 High Mar 5 now support
SUP 3: Y119.83 Low Mar 6
SUP 4: Y119.42 21-DMA
Recent failures at the 21-DMA had seen the pair looking heavy with Friday’s sell-off seeing immediate focus confirmed on the key Y129.97 support. O/S daily studies and the Bollinger band base remain key concerns for bears. In saying that, layers of resistance remain with bulls now needing a close above Y132.10 to ease bearish pressure. Overall bulls need a close above the 21-DMA to hint at a bigger bounce targeting the key Y136.72 Feb monthly high.
RES 4: Y133.59 High Mar 5
RES 3: Y133.46 Falling daily trend line
RES 2: Y132.10 Low Mar 5 now resistance
RES 1: Y131.83 Hourly resistance Mar 6
PRICE: Y131.29
SUP 1: Y130.66 2015 Low Mar 6
SUP 2: Y129.97 Monthly Low Sept 6 2013
SUP 3: Y129.38 Low Aug 30 2013
SUP 4: Y128.27 Weekly Bollinger band base
Fresh 2015 and 7+ year lows continue for EUR/GBP with bears remaining firmly focused on the Gbp0.7090-0.7114 region last seen in Dec 2007. Bulls now need a close above Gbp0.7220 to ease bearish pressure and hint at a bounce back to the key Gbp0.7301-52 region with the 21-DMA at Gbp0.7334. A close above Gbp0.7252 confirms a break of the 21-DMA and signals a shift higher in overall bias.
RES 4: Gbp0.7301 High Mar 3
RES 3: Gbp0.7286 High Mar 5
RES 2: Gbp0.7252 Hourly resistance Mar 5
RES 1: Gbp0.7219 Hourly resistance Mar 6
PRICE: Gbp0.7197
SUP 1: Gbp0.7192 Hourly support Mar 9
SUP 2: Gbp0.7178 2015 Low Mar 6
SUP 3: Gbp0.7114 Low Dec 17 2007
SUP 4: Gbp0.7090 Monthly Low Dec 3 2007