The move lower saw EUR/USD close below the Bollinger band base ($1.3533) with the pair now consolidating ahead of the key $1.3503-12 support region while the lower Bolli catches up. Layers of resistance remain in the $1.3541-87 region with bulls needing a close above $1.3587 to confirm an easing of bearish pressure and a shift in focus to layers of resistance $1.3628-1.3701. While $1.3587 caps, bears favour a break lower that initially targets 2014 lows.
RES 4: $1.3628 High July 15
RES 3: $1.3587 Hourly support July 15 now resistance
RES 2: $1.3574 High July 16
RES 1: $1.3541 Hourly resistance July 16
LPRICE: $1.3523
SUP 1: $1.3512 Low June 12
SUP 2: $1.3503 Low June 5
SUP 3: $1.3485 Weekly Bollinger band base
SUP 4: $1.3477 2014 Low Feb 3
GBP/USD continues to hesitate ahead of the $1.7151 resistance level following the pullback from fresh 2014 and almost 6 year highs on Tuesday. The $1.7111 & $1.7151 levels remain key today with bears needing a close below $1.7111 to see the key $1.7059 support retested. Bulls need a close above $1.7151 to retain focus on fresh 2014 highs and the $1.7191-1.7229 region where the long term daily channel top and Bollinger band top are located.
RES 4: $1.7218 Bollinger band top
RES 3: $1.7198 High Oct 21 2008
RES 2: $1.7191 2014 High July 15
RES 1: $1.7151 Hourly resistance July 16
LPRICE: $1.7138
SUP 1: $1.7111 Low July 16
SUP 2: $1.7059 Low July 15
SUP 3: $1.7007 Low June 27
SUP 4: $1.6999 38.2% Fibonacci $1.6696-1.7191
USD/JPY failed ahead of key resistance with the break below the Y101.63 support easing bullish pressure. Bears look for a close below Y101.41 to reconfirm overall focus on the Y100.75-86 region where 2014 lows, June monthly lows and the falling daily channel base are. The Bolli band base comes in around Y101.22 and with closes below a rarity downside follow through below this level may initially be limited.
RES 4: Y102.35 High June 18
RES 3: Y102.22 Bollinger band top
RES 2: Y101.97 200-DMA, Falling daily channel top
RES 1: Y101.80 High July 16
LPRICE: Y101.51
SUP 1: Y101.41 Previous hourly resistance now support
SUP 2: Y101.22 Low July 11, Bollinger band base
SUP 3: Y101.10 55-WMA, Low July 10
SUP 4: Y100.86 Falling daily channel base
The continuation lower has seen additional layers of resistance develop on the hourlies in the Y137.55-138.09 region with bulls needing a close above Y138.09 to confirm an easing of bearish pressure. Immediate focus remains on the 55-WMA with a close below last seen late 2012. A close below adds weight to the bearish case and confirms the overall focus on 2014 lows. Overall bulls need a close above the 200-DMA to hint at an end to bearish hopes.
RES 4: Y138.46 21-DMA
RES 3: Y138.09 High July 16
RES 2: Y137.79 Hourly resistance July 16
RES 1: Y137.58 Hourly resistance July 17
LPRICE: Y137.29
SUP 1: Y137.25 55-WMA
SUP 2: Y137.08 Falling wedge base
SUP 3: Y136.91 Weekly Bollinger band base
SUP 4: Y136.23 2014 Low Feb 4
EUR/GBP is hovering precariously above the fresh 2014 and nearly 2 year lows, Bollinger band base & falling daily wedge bases and remains heavy. Bears continue to retain overall focus on the 2012 low. Initial resistance remains on the hourlies in the Gbp0.7918-38 region with bulls needing a close above Gbp0.7938 to confirm an easing of bearish pressure and above Gbp0.7980 to shift focus back to the key Gbp0.8033 level.
RES 4: Gbp0.7980 Hourly resistance July 2
RES 3: Gbp0.7962 21-DMA
RES 2: Gbp0.7938 Hourly resistance July 15
RES 1: Gbp0.7918 Hourly resistance July 16
LPRICE: Gbp0.7889
SUP 1: Gbp0.7887 Low Sept 5 2012, Bollinger band base
SUP 2: Gbp0.7865 Weekly Bollinger band base
SUP 3: Gbp0.7810 Monthly Low Aug 16 2012
SUP 4: Gbp0.7764 2012 Low July 2012
