The significance of the $1.2605 support was confirmed last week with the EUR/USD having found support around this level to work its way back towards $1.2742. Bulls need a close above $1.2742 to ease bearish pressure and a close above $1.2845 to shift focus back to $1.2995. Bears remain in control while $1.2742 caps with a break below $1.2605 needed to shift immediate focus to the 2014 lows with overall focus shifting to the $1.2042 2012 low.
RES 4: $1.2918 55-DMA
RES 3: $1.2902 High Sept 23
RES 2: $1.2845 Hourly resistance Oct 16
RES 1: $1.2742 Hourly resistance Oct 22
LPRICE: $1.2698
SUP 1: $1.2666 Low Oct 27
SUP 2: $1.2605 Low Oct 10
SUP 3: $1.2548 Bollinger band base
SUP 4: $1.2501 2014 Low Oct 3
Recent flirtations with the 21-DMA ($1.6092) have seen GBP/USD pressuring initial resistance. The pair is currently hesitating around the $1.6150 level where the falling daily trend line comes in today with bulls now looking for a close above $1.6185 to end bearish hopes and shift immediate focus to the $1.6287-1.6343 region where the 55-DMA is located. Bears need a close below $1.6109 to provide breathing space and initially target $1.5994.
RES 4: $1.6287 High Sept 30
RES 3: $1.6228 High Oct 9
RES 2: $1.6185 High Oct 21
RES 1: $1.6151 Falling daily trend line
LPRICE: $1.6119
SUP 1: $1.6109 Hourly support Oct 27
SUP 2: $1.6071 Hourly support Oct 24
SUP 3: $1.5994 Low Oct 23
SUP 4: $1.5940 Low Oct 16
After having broken above the ¥107.60 level last week USD/JPY has so far found support on dips back towards this level and is currently flirting with the 21-DMA (¥107.81). Bears need a close below ¥107.60 to ease bullish pressure and below ¥106.79 to target a retest of the ¥105.19 low. While ¥107.60 supports bulls look for a close above ¥108.74 to confirm bullish pressure and overall focus on the ¥110.09-68 region.
RES 4: ¥110.09 2014 High Oct 1
RES 3: ¥109.25 High Oct 7
RES 2: ¥108.74 High Oct 8
RES 1: ¥108.35 High Oct 23
LPRICE: ¥107.86
SUP 1: ¥107.60 Alternating hourly support/resistance
SUP 2: ¥107.12 Hourly support Oct 23
SUP 3: ¥106.79 Low Oct 22
SUP 4: ¥106.57 Hourly support Oct 21
The EUR/JPY continues to stall ahead of the 55-DMA which is of some concern to bears who now look for a close below ¥136.49 to confirm an easing of bullish pressure with focus then returning to the key ¥134.10 support. Layers of resistance remain ¥137.52-94 with bulls looking for a close above ¥137.94 to shift focus to the 200-DMA. It is worth noting the pair has not closed above the 100-DMA since closing below at the start of Oct with a close above adding support to the bullish case.
RES 4: ¥139.09 200-DMA
RES 3: ¥137.94 Low Sept 30 now resistance
RES 2: ¥137.66 100-DMA
RES 1: ¥137.52 55-DMA
LPRICE: ¥136.95
SUP 1: ¥136.49 Low Oct 24
SUP 2: ¥136.06 Hourly support Oct 23
SUP 3: ¥135.68 Hourly breakout level Oct 23
SUP 4: ¥135.21 Low Oct 23
The EUR/GBP retains an overall bearish bias and is starting to look a little heavy as it continues to chop around the 21-DMA (£0.7886). Bears favour a break lower that retains focus on the £0.7764-66 support region but need to see a close below £0.7850 to confirm a break lower and bearish pressure. Bulls look for a close above £0.7901 to ease bearish pressure and above £0.7951 to shift focus back to the £0.8067 level.
RES 4: £0.7985 Hourly resistance Oct 16
RES 3: £0.7951 Alternating hourly support/resistance
RES 2: £0.7927 High Oct 22 RES 1: £0.7901 High Oct 24
LPRICE: £0.7875
SUP 1: £0.7862 Low Oct 27
SUP 2: £0.7850 Low Oct 10
SUP 3: £0.7820 Low Oct 2
SUP 4: £0.7766 2014 Low Sept 30
