EUR/USD took out the $1.3863 resistance level Monday before giving back some ground and finding support on the hourly time frame at $1.3840. The move higher sees bullish focus dominate and bulls targeting the $1.3905-67 region. Bears now need a close back below $1.3840 to ease the bullish pressure and below $1.3779 to shift focus back to the $1.3673-1.3728 region where the 100-DMA and 21 daily lower Bollinger are located
RES 4: $1.3967 2014 high Mar 13
RES 3: $1.3948 High Mar 17
RES 2: $1.3905 High Apr 11, 21 day upper Bollinger band
RES 1: $1.3879 High Apr 28
LPRICE: $1.3860
SUP 1: $1.3840 Hourly support Apr 28
SUP 2: $1.3809 21-DMA
SUP 3: $1.3779 Low Apr 9, 38.2% Fibonacci 1.3479-1.3967
SUP 4: $1.3722 50.0% Fibonacci 1.3479-1.3967
The lack of follow through after trading at fresh 2014 and 4.5 year highs combined with overbought daily studies is of some concern to bulls. In saying that, bears still need to see a close below layers of support noted in the $1.6741-1.6801 region to hint at a deeper correction that initially targets the rising daily channel base off Nov monthly lows ($1.6633). Bulls are now initially targeting the rising 21 day upper Bollinger while $1.6777 supports
RES 4: $1.6900 21 day upper Bollinger band
RES 3: $1.6878 Monthly high Nov 16 2009
RES 2: $1.6858 2014 high Apr 28
RES 1: $1.6830 Alternating hourly support/resistance
LPRICE: $1.6810
SUP 1: $1.6801 Hourly support Apr 28
SUP 2: $1.6777 Low Apr 28
SUP 3: $1.6762 Low Apr 23
SUP 4: $1.6749 High Apr 16 now support
Monday’s bounce has again seen USD/JPY spike above the 21-DMA but ending the day back below. Bulls continue to look for a close above Y102.72 to confirm a break of the 21-DMA, end bearish aspirations and see focus initially shift to the Y102.94-10 region and then the Y104.13 Apr 14 high. While Y102.72 caps, bears look for a break below Y101.86 to confirm bearish focus and target the key Y100.75-101.32 support region
RES 4: Y103.88 21 day upper Bollinger band
RES 3: Y103.10 High Apr 8
RES 2: Y102.94 100-DMA
RES 1: Y102.72 High Apr 22
LPRICE: Y102.48
SUP 1: Y102.23 Hourly support Apr 28
SUP 2: Y101.86 Low Apr 17
SUP 3: Y101.49 Rising daily trend line
SUP 4: Y101.32 Low Apr 10
EUR/JPY finally took out the Y142.00 level and has tentatively been consolidating above in Asia today. The break higher after repeatedly finding support at the rising daily triangle base now sees bulls dominating and initially targeting the falling triangle top coming in around Y142.84 today. The 21 day upper Bollinger band is noted above and given closes above are a rarity, topside follow through above the Y142.84-88 region may be limited for now.
RES 4: Y143.78 Monthly high Mar 7
RES 3: Y143.45 High Apr 2
RES 2: Y142.88 21 day upper Bollinger band
RES 1: Y142.84 Falling Triangle top
LPRICE: Y142.07
SUP 1: Y141.69 Hourly support Apr 28
SUP 2: Y141.05 Rising Triangle base off Nov monthly low
SUP 3: Y140.02 50.0% Fibonacci 136.28-143.77
SUP 4: Y139.96 Low Mar 28
EUR/GBP continues to hesitate ahead of the Gbp0.8252 resistance level following last week’s bounce from Gbp0.8198. Bulls continue to look for a close above the Gbp0.8252 resistance level to end bearish hopes and see the pair targeting the Gbp0.8288-0.8330 region. Bears need to see a close below the Gbp0.8217 support to shift focus back to the Gbp0.8158-92 region. Daily studies remain in O/S territory and continue to support the bullish case.
RES 4: Gbp0.8288 100-DMA
RES 3: Gbp0.8270 55-DMA
RES 2: Gbp0.8268 High Apr 16
RES 1: Gbp0.8252 Alternating support/resistance, Channel top
LPRICE: Gbp0.8243
SUP 1: Gbp0.8217 High Apr 22 now support
SUP 2: Gbp0.8198 Low Apr 23
SUP 3: Gbp0.8192 Low Feb 28
SUP 4: Gbp0.8158 2014 Low Feb 17
