Losses continued today following on from Thursday’s break of the psychological $1.1000 level. Layers of resistance have accumulated with bears now needing a close above $1.0907 to ease bearish pressure and above $1.0987 to shift immediate focus to $1.1154-1.1540. Bearish focus has been confirmed on the $1.0563-1.0765 region representing Apr & Sept 2003 monthly lows. The Bollinger base and O/S studies are key concerns for bears.
RES 4: $1.1114 Hourly support Mar 4 now resistance
RES 3: $1.1032 High Mar 5
RES 2: $1.0987 Low Mar 5 now resistance
RES 1: $1.0907 High Mar 6
PRICE: $1.0799
SUP 1: $1.0765 Monthly Low Sept 3 2003
SUP 2: $1.0660 Weekly Bollinger band base
SUP 3: $1.0563 Monthly Low Apr 7 2003
SUP 4: $1.0504 Monthly Low Mar 21 2003
Lack of follow through after the sell-off Friday is a little concerning for bears when combined with O/S daily studies looking to correct higher. Initial resistance is noted at $1.5139 but bulls need to see a close above $1.5220 to hint at a bigger bounce that will initially have to navigate layers of resistance $1.5269-1.5401. While $1.5220 caps bears remains focused on the 2013 low at $1.4818
RES 4: $1.5325 Hourly support Mar 4 now resistance
RES 3: $1.5269 High Mar 5
RES 2: $1.5220 Hourly resistance Mar 6
RES 1: $1.5137 High Mar 9
PRICE: $1.5083
SUP 1: $1.4988 Monthly Low Feb 3
SUP 2: $1.4951 2015 Low Jan 23
SUP 3: $1.4850 Weekly Bollinger band base
SUP 4: $1.4818 2013 Low July 9 2013
The latest leg higher has resulted in fresh 2015 and 7+ year highs with bullish focus now having shifted to the ¥124.11-14 region where 2007 highs are located. Layers of support continue to accumulate with bears now needing a close below ¥121.12 to ease bearish pressure and below ¥120.40 to shift focus back to key layers of support in the ¥118.94-119.57 region where the channel base and 21-DMA are located.
RES 4: ¥124.14 2007 High June 27 2007
RES 3: ¥124.11 Weekly Bollinger band top
RES 2: ¥122.10 Rising daily channel top
RES 1: ¥122.05 2015 High Mar 10
PRICE: ¥121.73
SUP 1: ¥121.12 Hourly support Mar 9
SUP 2: ¥120.62 Low Mar 9
SUP 3: ¥120.40 High Mar 5 now support
SUP 4: ¥119.83 Low Mar 6
Recent failures at the 21-DMA had seen the pair looking heavy with Friday’s sell-off seeing immediate focus confirmed on the key ¥129.97 support. O/S daily studies and the Bollinger band base remain key concerns for bears. In saying that, layers of resistance remain with bulls now needing a close above ¥132.10 to ease bearish pressure. Overall bulls need a close above the 21-DMA to hint at a bigger bounce targeting the key ¥136.72 Feb monthly high.
RES 4: ¥134.23 21-D<A
RES 3: ¥133.59 High Mar 5
RES 2: ¥133.18 Falling daily trend line
RES 1: ¥132.10 Low Mar 5 now resistance
PRICE: ¥131.48
SUP 1: ¥130.66 2015 Low Mar 6
SUP 2: ¥129.97 Monthly Low Sept 6 2013
SUP 3: ¥129.38 Low Aug 30 2013
SUP 4: ¥128.27 Weekly Bollinger band base
Fresh 2015 and 7+ year lows continue for EUR/GBP with bears remaining firmly focused on the £0.7090-0.7114 region last seen in Dec 2007. Bulls now need a close above £0.7220 to ease bearish pressure and hint at a bounce back to the key £0.7301-52 region with the 21-DMA at £0.7334. A close above £0.7252 confirms a break of the 21-DMA and signals a shift higher in overall bias.
RES 4: £0.7301 High Mar 3
RES 3: £0.7286 High Mar 5
RES 2: £0.7252 Hourly resistance Mar 5
RES 1: £0.7220 High Mar 9
LPRICE: £0.7159
SUP 1: £0.7152 Bollinger band base
SUP 2: £0.7114 Low Dec 17 2007
SUP 3: £0.7090 Monthly Low Dec 3 2007
SUP 4: £0.7039 Low Nov 13 2007