Daily Market Technicals

Fresh 2015 and 12 year lows continue for the EUR/USD will bears now focused on the $1.0504-63 region last seen in Apr/Mar 2003. The pair remains heavy as layers of resistance accumulate with bulls now needing a close above $1.0907 to ease bearish pressure and hint at a bounce back towards $1.1154. Bollinger bases and O/S daily studies are seen as key concerns for bears but for now its all one way traffic.
RES 4: $1.1114 Hourly support Mar 4 now resistance
RES 3: $1.0907 High Mar 6
RES 2: $1.0823 Alternating hourly support/resistance
RES 1: $1.0723 Hourly resistance Mar 11
PRICE: $1.0686
SUP 1: $1.0666 2015 Low Mar 11
SUP 2: $1.0626 Weekly Bollinger band base
SUP 3: $1.0563 Monthly Low Apr 7 2003
SUP 4: $1.0504 Monthly Low Mar 21 2003

Lack of follow through after the sell-off Friday is a little concerning for bears when combined with O/S daily studies looking to correct higher. In saying that, consolidation below initial resistance at $1.5137 retains a bearish bias with bulls needing a close above this level to ease bearish pressure and above $1.5220 to shift focus back to the 21-DMA. While $1.5137 caps bears remain firmly focused on 2015 and then 2014 lows beneath
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: $1.5137 High Mar 9
PRICE: $1.5075
SUP 1: $1.4988 Monthly Low Feb 3
SUP 2: $1.4951 2015 Low Jan 23
SUP 3: $1.4850 Weekly Bollinger band base
SUP 4: $1.4818 2013 Low July 9 2013

The lack of follow through following fresh 2015 and 7+ year highs is a little concerning when combined with the rising daily channel and Bollinger band tops. In saying that, Y120.85 support is key today with a close below shifting focus back to the key Y118.94-119.64 region where the 21-DMA is located. While Y120.85 supports bulls remain firmly focused on the rising daily channel top and overall on the Y124.14 2007 high above.
RES 4: Y124.14 2007 High June 27 2007
RES 3: Y122.19 Rising daily channel top
RES 2: Y122.02 2015 High Mar 10
RES 1: Y121.68 Previous hourly support now resistance
PRICE: Y121.24
SUP 1: Y120.85 Hourly support Mar 11
SUP 2: Y120.62 Low Mar 9
SUP 3: Y120.40 High Mar 5 now support
SUP 4: Y119.83 Low Mar 6

Fresh 2015 and nearly 2 year lows continued in Asian trading Wednesday with bears now having shifted their immediate focus to the falling weekly Bollinger band base. Layers of resistance remain with bulls continuing to look for a close above ¥132.10 to ease bearish pressure. Overall bulls need a close above the 21-DMA to hint at a bigger bounce targeting the key ¥136.72 Feb monthly high.
RES 4: ¥132.91 Falling daily trend line
RES 3: ¥132.10 Low Mar 5 now resistance
RES 2: ¥130.66 Low Mar 6 now resistance
RES 1: ¥129.95 Hourly resistance Mar 11
PRICE: ¥129.65
SUP 1: ¥129.20 2015 Low Mar 11
SUP 2: ¥129.03 Low May 9 2013
SUP 3: ¥127.08 Low Aug 30 2013
SUP 4: ¥126.96 Weekly Bollinger band base

Fresh 2015 and 7+ year lows continue for euro-sterling with the break of the £0.7090 support now seeing bears focused on the £0.6951-0.7039 region. Layers of resistance are accumulating with bulls needing a close above £0.7179 to ease bearish pressure whereas a close above the 21-DMA shifts overall focus higher. O/S daily studies and Bollinger band bases are key concerns for bears.
RES 4: £0.7301 High Mar 3, 21-DMA
RES 3: £0.7220 High Mar 9
RES 2: £0.7179 High Mar 10
RES 1: £0.7123 High support Mar 9 now resistance
PRICE: £0.7088
SUP 1: £0.7080 2015 Low Mar 11
SUP 2: £0.7039 Low Nov 13 2007
SUP 3: £0.7019 Monthly High Oct 29 2007 now support
SUP 4: £0.6951 Low Nov 6 2007