Following the recent failure at the $1.3160 level bearish dominance was well and truly confirmed Thursday with the EUR/USD trading at fresh 2014 and 14 month lows. Layers of resistance are now noted on the hourlies in the $1.2957-1.3160 region with bulls needing a close above $1.3050 to confirm an easing of bearish pressure and above $1.3160 to shift focus higher. The move lower sees bears initially targeting 2013 lows.
RES 4: $1.3160 High Sept 3
RES 3: $1.3110 Low Sept 2 now resistance
RES 2: $1.3050 Hourly resistance Sept 4
RES 1: $1.2957 Hourly resistance Sept 4
LPRICE: $1.2932
SUP 1: $1.2920 2014 Low Sept 4
SUP 2: $1.2898 High July 9 2013 now support
SUP 3: $1.2745 2013 Low Apr 4 2013
SUP 4: $1.2660 Monthly Low Nov 13 2012
Following on from recent failures above $1.6600 and ahead of the falling daily channel top, GBP/USD has traded down to fresh 8 month lows with immediate focus now on the 2014 low. The key concerns for bears remain O/S daily studies and proximity of the Bollinger band base ($1.6342) but bulls need a close above $1.6440 to ease bearish pressure. Fresh 2014 lows see focus shift to the $1.5854 Nov 2013 monthly low.
RES 4: $1.6497 High Sept 3
RES 3: $1.6465 High Sept 4
RES 2: $1.6440 Low Sept 3 now resistance
RES 1: $1.6350 Hourly resistance Sept 4
LPRICE: $1.6308
SUP 1: $1.6287 Low Sept 4
SUP 2: $1.6252 2014 Low Feb 5
SUP 3: $1.6217 Monthly Low Dec 17 2013
SUP 4: $1.6133 Low Nov 25 2013
Fresh 2014 and 6 year highs saw the USD/JPY trade marginally above the Bollinger band top (Y105.68) and the trend line projection before dipping. The Y104.73 support remains key with bears needing a close below to ease bullish pressure and below Y104.22 to shift focus back to the Y103.40-59 region where key supports and the 21-DMA are located. Today’s break higher confirms bullish dominance and hints at a return to the Y110.00 level.
RES 4: Y109.17 Monthly High Sept 2 2008
RES 3: Y107.98 High Sept 19 2008
RES 2: Y106.99 High Sept 25 2008
RES 1: Y105.71 2014 High Sept 4
LPRICE: Y105.34
SUP 1: Y105.10 Hourly support Sept 4
SUP 2: Y104.73 Low Sept 3
SUP 3: Y104.39 Hourly resistance Aug 2 now support
SUP 4: Y104.22 Hourly support Sept 1
The break below the 55-DMA was somewhat dramatic Thursday with immediate focus having returned to the 2014 low. The key concern for bears is the proximity of the Bollinger band base with daily studies not yet at O/S levels. In saying that, bulls now need a close back above Y136.86 to ease bearish pressure a little and above Y137.68 to shift focus back to this week’s Y138.27 highs. Fresh 2014 lows initially target the Y134.10 Nov 20 2013 low.
RES 4: Y138.27 High Sept 3
RES 3: Y138.02 High Sept 4
RES 2: Y137.68 Previous hourly support now resistance
RES 1: Y136.86 Low Sept 1 now resistance
LPRICE: Y136.21
SUP 1: Y135.96 Low Sept 4
SUP 2: Y135.73 2014 Low Aug 8
SUP 3: Y134.10 Low Nov 20 2013
SUP 4: Y132.21 Low Nov 11 2013
Yet another attempt to head higher has ended in dramatic fashion for EUR/GBP with immediate focus having returned to the 2014 low. Bulls now need a close above the 21-DMA to confirm an easing of bearish pressure and above Gbp0.7996 to shift focus back to the Gbp0.8016-36 region. With bears dominating once more a break lower is favoured that then sees focus shift to the Gbp0.7812-18 region
RES 4: Gbp0.8016 High Aug 22
RES 3: Gbp0.7996 High Sept 3
RES 2: Gbp0.7971 21-DMA
RES 1: Gbp0.7938 Hourly resistance Sept 5
LPRICE: Gbp0.7928
SUP 1: Gbp0.7890 Low Sept 1
SUP 2: Gbp0.7874 2014 Low July 23
SUP 3: Gbp0.7818 Weekly Bollinger band base
SUP 4: Gbp0.7812 Low Aug 16 2012
