EUR/USD continued to dip below the Bollinger band base overnight but held above the recent 2014 and 2 year lows. O/S daily studies and the proximity of the Bollinger band base remain key concerns for bears but bulls look for a close above $1.2717 to ease bearish pressure and above $1.2902 to hint at a bigger bounce. While $1.2717 caps immediate bearish focus remains on the $1.2465 Aug 28 2012 low with overall focus on the $1.2042 2012 low.
RES 4: $1.2833 21-DMA
RES 3: $1.2816 Low Sept 22 now resistance
RES 2: $1.2764 Hourly resistance Sept 25
RES 1: $1.2717 High Sept 29
LPRICE: $1.2658
SUP 1: $1.2641 Alternating hourly support/resistance
SUP 2: $1.2571 2014 Low Sept 30
SUP 3: $1.2465 Low Aug 28 2012
SUP 4: $1.2241 Low Aug 10 2012
The $1.6162 support confirmed its significance with it having supported on attempts to break lower the past two days. The bounce today has seen the 21-DMA cap so far but bulls look for a close above $1.6287 to confirm a break of the 21-DMA and ease bearish pressure while a close above $1.6343 shifts immediate focus to the $1.6535 level.
RES 4: $1.6373 Hourly support Sept 24 now resistance
RES 3: $1.6343 Hourly resistance Sept 25
RES 2: $1.6287 High Sept 30
RES 1: $1.6262 21-DMA
LPRICE: $1.6228
SUP 1: $1.6162 Low Sept 16
SUP 2: $1.6109 Bollinger band base
SUP 3: $1.6091 100-WMA
SUP 4: $1.6052 2014 low Sept 10
Bears take great comfort in the bearish key day reversal Wednesday when combined with correcting O/B daily studies. In saying that, the Y108.24-46 region remains key support with the sell-off having found support ahead of this region in Asia today. Bears need a close below Y108.25 to confirm an easing of bullish pressure with a close below the 21-DMA needed to hint at a deeper move lower. Bulls need a close above Y109.12 to halt the current slide lower
RES 4: Y110.09 2014 High Oct 1
RES 3: Y109.71 Hourly resistance Oct 1
RES 2: Y109.37 Hourly resistance Oct 1
RES 1: Y109.12 Alternating hourly support/resistance
LPRICE: Y108.74
SUP 1: Y108.46 Hourly support Sept 24
SUP 2: Y108.25 Low Sept 23
SUP 3: Y107.91 21-DMA
SUP 4: Y106.77 Low Sept 16
The correction lower from the Sept monthly high continues with the close below the 100-DMA Wednesday seeing immediate focus return to the 2014 low. Initial resistance is now noted at the Y137.94 level with bulls needing a close above to provide some breathing space. Overall a close above the 100-DMA is now needed to confirm an easing of bearish pressure while a close above the 21-DMA is needed to hint at a shift higher in focus.
RES 4: Y138.80 High Oct 1
RES 3: Y138.46 21-DMA
RES 2: Y138.07 100-DMA
RES 1: Y137.94 Low Sept 30 now resistance
LPRICE: Y137.57
SUP 1: Y137.29 Low Sept 10
SUP 2: Y136.18 Bollinger band base
SUP 3: Y135.73 2014 Low Aug 8
SUP 4: Y134.10 Low Nov 20 2013
The significance of the 2012 low as support was confirmed Tuesday with the sell-off coming to within 2 pips of the 2012 low before finding support on numerous attempts to head lower. Bulls now need to see a close above Gbp0.7830 to confirm an easing of bearish pressure and a close above Gbp0.7897 to shift immediate focus to the 100-DMA. O/S daily studies and the Bolli base remain key concerns for bears.
RES 4: Gbp0.7897 Hourly resistance Sept 18
RES 3: Gbp0.7851 High Sept 24
RES 2: Gbp0.7830 High Sept 25
RES 1: Gbp0.7802 Alternating hourly support/resistance
LPRICE: Gbp0.7795
SUP 1: Gbp0.7766 2014 Low Sept 30
SUP 2: Gbp0.7764 2012 Low July 23 2012
SUP 3: Gbp0.7695 Monthly Low Oct 20 2008
SUP 4: Gbp0.7597 Monthly Low Mar 10 2008
