EUR/USD continues to hesitate marginally above the recent 2014 and 2 year lows set Monday with bulls now needing a close above the 21-DMA to ease bearish pressure. Overall bulls now need to see a close above $1.2770 to hint at move back to the key $1.2995 level. While the 21-DMA caps bears remain focused on the $1.2042 2012 low. Key concerns for bears are seen coming from O/S daily studies and the Bollinger band base ($1.2451).
RES 4: $1.2656 21-DMA
RES 3: $1.2632 Hourly resistance Oct 30
RES 2: $1.2591 Hourly resistance Oct 31
RES 1: $1.2539 Alternating hourly support/resistance
LPRICE: $1.2519
SUP 1: $1.2439 Low Nov 3
SUP 2: $1.2385 High Aug 14 2012 now support
SUP 3: $1.2241 Low Aug 10 2012
SUP 4: $1.2042 2012 Low July 24 2012
The $1.6185 resistance level confirmed significance last week and resulted in a sell-off that saw marginal fresh 2014 and 12 month lows Wednesday. The Bollinger base is seen as the key concern for bears as it may limit downside follow through. With layers of resistance having developed on the hourlies, bulls need a close above $1.6087 to confirm a break of the 21-DMA and ease bearish pressure and above $1.6185 to target $1.6525-35. While $1.6087 caps overall focus has now shifted to the $1.5425 level last seen in Aug 2013.
RES 4: $1.6185 High Oct 21
RES 3: $1.6087 Previous daily support now resistance
RES 2: $1.6047 21-DMA
RES 1: $1.6038 High Oct 30
LPRICE: $1.5984
SUP 1: $1.5933 Hourly support Nov 6
SUP 2: $1.5868 2014 Low Nov 5
SUP 3: $1.5854 Monthly Low Nov 12 2013
SUP 4: $1.5775 Low Sept 13 2013
Fresh 2014 and 7 year highs despite O/B daily studies and the Bollinger band top further confirm bullish pressure with overall focus now on the ¥119.82 Aug 2007 monthly high. Bears are taking some comfort in the lack of follow through following the break above the ¥115.00 level in Asian trading. In saying that, layers of support have developed with bears now needing a close below ¥114.00 to ease bullish pressure and below ¥112.98 to shift immediate focus back to the ¥110.10 Oct 1 high.
RES 4: ¥119.82 Monthly High Aug 8 2007
RES 3: ¥117.94 Monthly High Oct 15 2007
RES 2: ¥115.91 Monthly High Nov 1 2007
RES 1: ¥115.51 Hourly resistance Nov 6
LPRICE: ¥114.20
SUP 1: ¥114.00 Hourly support Nov 6
SUP 2: ¥112.98 Previous hourly resistance now support
SUP 3: ¥112.48 High Oct 31 now support
SUP 4: ¥111.89 Hourly support Oct 31
Fresh 7 month highs continue for the EUR/JPY with key concerns for bulls firmly focused on the ¥145.12-69 region representing 2014 & 2013 highs and then the ¥146.98 breakdown level from Sept 2008. Layers of support have accumulated with bears now needing a close below ¥142.80 to ease bullish pressure whereas a close below ¥142.23 is needed to hint at a deeper pullback and below ¥141.70 to confirm.
RES 4: ¥146.98 Breakdown level Sept 2008 now resistance
RES 3: ¥145.69 2013 High Dec 27 2013
RES 2: ¥145.12 2014 High Jan 2
RES 1: ¥144.22 Hourly resistance Nov 6
LPRICE: ¥143.20
SUP 1: ¥142.80 Hourly support Nov 5
SUP 2: ¥142.23 Hourly support Nov 4
SUP 3: ¥141.70 Low Nov 4
SUP 4: ¥141.38 Previous hourly resistance now support
After trading marginally above the £0.7860 level the sharp move lower Wednesday reconfirmed bearish pressure with overall focus remaining on the 2012 & 2014 lows £0.7764-66. Bulls now need a close above £0.7864 to confirm an easing of bearish pressure and above £0.7927 to confirm a break of 21, 55 & 100-DMAs, ending bearish hopes and shifting focus back to the £0.8067-70 region.
RES 4: £0.7927 High Oct 22, 100-DMA
RES 3: £0.7900 55-DMA
RES 2: £0.7888 21-DMA
RES 1: £0.7864 Low Oct 30 now resistance
LPRICE: £0.7831
SUP 1: £0.7799 Low Nov 3
SUP 2: £0.7766 2014 Low Sept 30
SUP 3: £0.7764 2012 Low July 23 2012
SUP 4: £0.7695 Monthly Low Oct 20 2008
