EUR/USD has finally managed something of a bounce from fresh 2014 and 11 month lows with minor layers of support having developed as a result. Pressure has returned to $1.3220 with bulls needing a close above to confirm an easing of bearish pressure. Overall bulls look for a close above the 21-DMA to confirm a break of the short term channel top and shift focus to the $1.3445-85 region. Until a close above the 21-DMA is seen bears target Sept monthly lows.
RES 4: $1.3323 21-DMA
RES 3: $1.3298 Hourly resistance Aug 20
RES 2: $1.3262 Hourly resistance Aug 22
RES 1: $1.3220 Low Aug 22 now resistance
LPRICE: $1.3213
SUP 1: $1.3188 Hourly support Aug 28
SUP 2: $1.3168 Hourly support Aug 27
SUP 3: $1.3153 Low Aug 27
SUP 4: $1.3101 Monthly Low Sept 7 2013
The recent bounce from the $1.6535 level continues to pressure the $1.6605 high from Wednesday with bulls needing a close above this level to confirm an easing of bearish pressure. Layers of resistance are noted $1.6685-1.6757 with bulls needing a close above $1.6757 to end bearish hopes and shift focus to the $1.6876-1.7003 region. Bears now need a close below $1.6535 to kick start bearish momentum and shift immediate focus to $1.6474-85.
RES 4: $1.6757 Low Aug 12 now resistance
RES 3: $1.6691 200-DMA
RES 2: $1.6685 Falling channel top
RES 1: $1.6605 High Aug 27
LPRICE: $1.6597
SUP 1: $1.6570 Hourly support Aug 27 & 28
SUP 2: $1.6535 Low Aug 25
SUP 3: $1.6484 55-WMA, Falling daily channel base
SUP 4: $1.6474 Bollinger band base
O/B studies and closes above the Bollinger band top have taken their toll with USD/JPY dipping back towards Y103.40-50 support. Bears look for a close below Y103.40 to confirm an easing of bullish pressure and below the 21-DMA (Y102.92) to hint at a deeper correction. While the Y103.40-50 region supports overall focus remains on the 2014 highs at Y105.44 with bulls now needing a close above Y104.00 to provide some breathing room.
RES 4: Y104.92 High Jan 16
RES 3: Y104.27 High Aug 25
RES 2: Y104.17 High Aug 26
RES 1: Y104.00 Hourly resistance Aug 27
LPRICE: Y103.72
SUP 1: Y103.50 Low Aug 22
SUP 2: Y103.40 Previous hourly resistance now support
SUP 3: Y103.11 Hourly support Aug 20
SUP 4: Y102.92 21-DMA
Wednesday’s dip saw the pair trade below the previously noted support at Y136.77 by 3 pips before recovering with the 21-DMA capping so far today. Bears now look for a close below Y136.74 to see focus return to retests of the 2014 low. Layers of resistance are now noted in the Y137.16-138.07 region with bulls needing a close above Y137.41 to relieve the renewed bearish pressure and above Y138.07 to shift focus to the Y138.77-139.30 region.
RES 4: Y138.07 High Aug 1, Bollinger band top
RES 3: Y137.70 55-DMA
RES 2: Y137.41 High Aug 26
RES 1: Y137.16 21-DMA
LPRICE: Y137.03
SUP 1: Y136.74 Low Aug 15
SUP 2: Y136.35 Low Aug 12, Bollinger band base
SUP 3: Y135.73 2014 Low Aug 8
SUP 4: Y134.10 Low Nov 20 2013
The Gbp0.7967-80 resistance region is now key for EUR/GBP as the pair starts to look comfortable below the 21-DMA (Gbp0.7972). Wednesday saw the pair dip below the July/Aug channel base before recovering lost ground. Bears now look for a close below Gbp0.7938 to confirm bearish pressure and initially target the 2014 low. Bulls need a close above Gbp0.7980 to confirm a break of the 21-DMA and shift focus back to the Gbp0.8016-36 region
RES 4: Gbp0.8036 High Aug 14
RES 3: Gbp0.8016 High Aug 22
RES 2: Gbp0.7980 High Aug 25
RES 1: Gbp0.7967 High Aug 26
LPRICE: Gbp0.7960
SUP 1: Gbp0.7955 Hourly support Aug 28
SUP 2: Gbp0.7938 Low Aug 27
SUP 3: Gbp0.7915 Low Aug 6
SUP 4: Gbp0.7903 Low July 28
