The EUR/USD is hovering precariously above 2014 lows with layers of support noted in the $1.2241-66 region. Layers of resistance accumulate with bulls needing a close above $1.2386 to confirm an easing of bearish pressure and above $1.2435 to shift focus back to the key $1.2599 level. While $1.2386 caps bears remain focused on a break lower that targets the $1.2042 2012 low with the Bollinger band base seen as the key concern.
RES 4: $1.2435 Low Dec 16 now resistance
RES 3: $1.2386 Hourly support Dec 17 now resistance
RES 2: $1.2354 High Dec 18
RES 1: $1.2302 Hourly resistance Dec 19
LPRICE: $1.2282
SUP 1: $1.2266 Low Dec 18
SUP 2: $1.2257 Bollinger band base
SUP 3: $1.2241 Low Aug 10 2012
SUP 4: $1.2133 Low Aug 2 2012
The bounce from recent 2014 lows and the Bollinger band base stalled ahead of the 21-DMA Thursday with this level having also capped in Asian trading so far today. Bulls now look for a close above the 21-DMA to confirm an easing of bearish pressure and to shift focus back to the key $1.5789-1.5825 region. While the 21-DMA caps bear remain focused on retests of the 2014 low with overall focus remaining on the $1.5425-62 region
RES 4: $1.5825 High Nov 27
RES 3: $1.5789 High Dec 16
RES 2: $1.5738 Hourly resistance Dec 17
RES 1: $1.5682 21-DMA
LPRICE: $1.5651
SUP 1: $1.5601 Alternating hourly support/resistance
SUP 2: $1.5574 Bollinger band base
SUP 3: $1.5541 2014 Low Dec 8
SUP 4: $1.5462 Low Aug 30 2013
The recovery from ahead of the key Y115.31 support continues with the Y118.26 support seen as key today. The break above Y119.09 provides bulls with breathing space and sees immediate focus shift to the Y119.93 resistance level. Bears now need a close below Y119.26 to ease the renewed bullish pressure and to shift focus back to the Y115.31-116.34 region. Daily studies are correcting higher and support further topside.
RES 4: Y124.16 2007 June 2007
RES 3: Y121.84 2014 High Dec 8
RES 2: Y121.00 High Dec 9, Bollinger band top
RES 1: Y119.93 High Dec 9
LPRICE: Y119.36
SUP 1: Y119.17 Hourly support Dec 19
SUP 2: Y118.26 Low Dec 18
SUP 3: Y117.82 Hourly resistance Dec 17 now support
SUP 4: Y116.80 Hourly support Dec 17
Lower daily lows following the dip back towards ¥144.77 are providing bulls with some comfort but a close above the 21-DMA remains needed to shift focus back to the ¥148.37-149.80 region. Initial support is noted at ¥146.30 but bears need a close below ¥145.58 to reconfirm bearish pressure and below the key ¥144.77 support to shift immediate focus to the ¥142.09-143.35 region where the 55-DMA is located. Daily studies are correcting from modestly O/S and are supportive of further topsid
RES 4: ¥148.95 High Dec 9
RES 3: ¥148.37 Hourly resistance Dec 9
RES 2: ¥147.27 21-DMA
RES 1: ¥147.15 Hourly support Dec 15 now resistance
LPRICE: ¥146.70
SUP 1: ¥146.30 Alternating hourly support/resistance
SUP 2: ¥145.58 Low Dec 18
SUP 3: ¥144.77 Low Nov 18
SUP 4: ¥143.82 38.2% Fibonacci retracement 134.14-149.80
The lack of follow through on Tuesday’s rally has seen the pair correct lower with the close below the 55-DMA resulting in a test of the Bollinger band base (£0.7841). Immediate focus remains on the £0.7832 support with the key concern for bears coming from the proximity of the Bollinger band base. Bulls now need a close above £0.7885 to confirm an easing of bearish pressure with a close above £0.7923 needed
to target £0.7957-0.8008.
RES 4: £0.7954 High Dec 17
RES 3: £0.7923 High Dec 18
RES 2: £0.7885 Hourly resistance Dec 18
RES 1: £0.7858 Hourly resistance Dec 18
LPRICE: £0.7844
SUP 1: £0.7832 Low Dec 3
SUP 2: £0.7798 Low Nov 6
SUP 3: £0.7766 2014 Low Sept 30
SUP 4: £0.7764 2012 Low July 23 2012