The Bollinger band base appears to be limiting downside follow through with the EUR/USD having bounced from fresh 2014 and 2 year lows overnight. Layers of resistance continue to accumulate with bulls needing a close above $1.2901 to confirm a break of the falling daily channel base and an easing of bearish pressure. Overall the $1.2995 level remains key with a close above needed to shift immediate focus to the $1.3110-1.3222 region. Key concerns for bears remain O/S daily studies and the Bollinger band base.
RES 4: $1.2838 Previous hourly support now resistance
RES 3: $1.2801 Hourly resistance Sept 24
RES 2: $1.2784 Hourly resistance Sept 25
RES 1: $1.2764 Hourly resistance Sept 25
LPRICE: $1.2747
SUP 1: $1.2697 2014 Low Sept 25, Bollinger band base
SUP 2: $1.2660 Monthly Low Nov 13 2012
SUP 3: $1.2618 Falling daily channel base
SUP 4: $1.2465 Low Aug 28 2012
GBP/USD is starting to look a comfortable below the 21-DMA ($1.6330) with bulls continuing to look for a close above $1.6414 to ease the renewed bearish pressure and shift immediate focus back to the key $1.6536 level. Immediate focus has now returned to the $1.6240 support with a close below reconfirming bearish pressure and shifting focus back to the $1.6052 2014 low with the Bollinger band base noted just above at $1.6076.
RES 4: $1.6536 Low Aug 25 now resistance, 55-WMA
RES 3: $1.6414 High Sept 23
RES 2: $1.6373 Hourly support Sept 24 now resistance
RES 1: $1.6343 Hourly resistance Sept 25
LPRICE: $1.6309
SUP 1: $1.6275 Low Sept 25
SUP 2: $1.6240 Hourly support Sept 16
SUP 3: $1.6162 Low Sept 16
SUP 4: $1.6052 2014 low Sept 10
The ¥108.25-46 region remains key support with bears continuing to look for a close below ¥108.25 to confirm an easing of bullish pressure. This would then shift to the immediate focus to the 21-DMA with a close below needed to hint at a deeper move lower. While the ¥108.25-46 region supports bulls continue to retain the upper hand and target the Aug 2008 monthly high at ¥110.68. The key concern for bulls remains the O/B daily studies.
RES 4: ¥112.01 2008 High Jan 2 2008
RES 3: ¥110.68 Monthly High Aug 15 2008
RES 2: ¥109.45 Hourly resistance Sept 19
RES 1: ¥109.37 High Sept 25
LPRICE: ¥108.91
SUP 1: ¥108.46 Hourly support Sept 24
SUP 2: ¥108.25 Low Sept 23
SUP 3: ¥107.39 High Sept 12 now support
SUP 4: ¥107.01 21-DMA
After looking heavy Thursday the move lower saw the EUR/JPY find support at the 21-DMA before bouncing in Asian trading today. Bears now look for a close below the 100-DMA to reconfirm bearish pressure, shifting immediate focus to the 55-DMA and overall focus back to the 2014 low. Bulls need to see a close above the 200-DMA to ease the renewed bearish pressure and shift focus back to last week’s ¥141.25 high.
RES 4: ¥140.62 Alternating hourly support/resistance
RES 3: ¥140.33 Alternating hourly support/resistance
RES 2: ¥139.73 200-DMA
RES 1: ¥139.15 Hourly resistance Sept 25
LPRICE: ¥138.84
SUP 1: ¥138.39 Low Sept 25
SUP 2: ¥138.26 21-DMA
SUP 3: ¥138.20 100-DMA
SUP 4: ¥137.60 55-DMA
Bears have the 2012 low firmly in the sights with Thursday’s sell-off working its way closer to the key support. Daily studies remain at O/S levels and combined with Bollinger band base (£0.7788) are seen as key concerns for bears and likely to limit downside follow through. Bulls now need to see a close above £0.7851 to confirm an easing of bearish pressure and a close above the 21-DMA to shift immediate focus to the 100-DMA.
RES 4: £0.7921 21-DMA
RES 3: £0.7897 Hourly resistance Sept 18
RES 2: £0.7851 High Sept 24
RES 1: £0.7830 High Sept 25
LPRICE: £0.7814
SUP 1: £0.7791 2014 Low Sept 25
SUP 2: £0.7764 2012 Low July 23 2012
SUP 3: £0.7695 Monthly Low Oct 20 2008
SUP 4: £0.7597 Monthly Low Mar 10 2008
