The EUR/USD remains heavy after again trading at fresh 2014 lows with bears firmly focused on the 2012 low at $1.2042. The Bollinger band base remains the key concern for bears and may limit downside follow through. Initial resistance is now noted in the $1.2190-1.2216 region but bulls continue to look for a close above $1.2302 to ease bearish pressure whereas above $1.2365 is now needed to shift focus back to the key $1.2599 level.
RES 4: $1.2302 Hourly resistance Dec 19
RES 3: $1.2273 High Dec 22
RES 2: $1.2216 Low Dec 22 now resistance
RES 1: $1.2190 Hourly resistance Dec 23
LPRICE: $1.2178
SUP 1: $1.2165 2014 Low Dec 23
SUP 2: $1.2157 Bollinger band base
SUP 3: $1.2133 Low Aug 2 2012
SUP 4: $1.2042 2012 Low July 24 2012
Fresh 2014 lows Tuesday confirmed immediate focus on the $1.5425-62 region with bears looking for a close below to initially target $1.5204. The Bollinger band base ($1.5515) remains the key concern for bears and may limit follow through. Bulls now need a close above $1.5608 to ease bearish pressure and above $1.5684 to confirm a break of the 21-DMA and shift immediate focus to the $1.5788-1.5834 region
where the 55-DMA is locate
RES 4: $1.5738 Hourly resistance Dec 17
RES 3: $1.5684 High Dec 19
RES 2: $1.5608 High Dec 23
RES 1: $1.5528 Hourly resistance Dec 24
LPRICE: $1.5520
SUP 1: $1.5486 2014 Low Dec 23
SUP 2: $1.5462 Low Aug 30 2013
SUP 3: $1.5425 Low Aug 28 2013
SUP 4: $1.5204 Low Aug 7 2013
The recovery from the Y115.57 level has resulted in pressure having returned to the Y121.00 resistance level with bears initially focused on 2014 highs and targeting Y124.16 2007 highs overall. Layers of support accumulate with bears needing a close below Y119.71 to confirm an easing of bullish pressure and below Y118.26 to shift focus back to the Y115.44-57 region. Daily studies continue to correct from O/S levels and remain supportive of further topside. Bulls need a close above Y121.00 to add support to the bullish scenario
RES 4: ¥124.16 2007 June 2007
RES 3: ¥121.84 2014 High Dec 8
RES 2: ¥121.52 Bollinger band top
RES 1: ¥121.00 High Dec 9
LPRICE: ¥120.32
SUP 1: ¥120.18 Hourly resistance Dec 23 now support
SUP 2: ¥120.06 Hourly support Dec 23
SUP 3: ¥119.71 Hourly support Dec 22
SUP 4: ¥119.09 21-DMA
With the 21-DMA having capped so far this week EUR/JPY is currently flirting with rising daily trend line from late Oct. Bears continue to look for a close below ¥145.94 to confirm a break of the rising daily trend line, easing bullish pressure and shifting immediate focus back to the ¥144.77-95 region. Bulls need to see a close above the 21-DMA to confirm focus on the ¥118.37-149.80 region. Daily studies continue to correct from O/S levels and are supportive of further topside
RES 4: ¥148.95 High Dec 9
RES 3: ¥148.37 Hourly resistance Dec 9
RES 2: ¥147.25 21-DMA
RES 1: ¥147.15 Hourly support Dec 15 now resistance
LPRICE: ¥146.53
SUP 1: ¥145.94 Low Dec 22
SUP 2: ¥145.58 Low Dec 18
SUP 3: ¥145.40 Bollinger band base
SUP 4: ¥144.95 Low Dec 16
The correction lower from last week’s high has seen immediate focus shift to the £0.7798-0.7806 region and overall focus back to the key £0.7764-66 region where 2012 and 2014 lows are located. Bulls need a close above £0.7885 to confirm an easing of bearish pressure and above £0.7923 to shift overall focus back to the £0.8001-67 region where layers of resistance are located
RES 4: £0.7978 Bollinger band top
RES 3: £0.7954 High Dec 17
RES 2: £0.7923 High Dec 18
RES 1: £0.7885 Hourly resistance Dec 18
LPRICE: £0.7845
SUP 1: £0.7806 Falling daily channel base
SUP 2: £0.7798 Low Nov 6
SUP 3: £0.7766 2014 Low Sept 30
SUP 4: £0.7764 2012 Low July 23 2012