The Euro briefly broke above important 1.3000 resistance zone, previous high and daily Ichimoku cloud top, following steady recovery off yesterday’s low at 1.2880, but lost traction, failing to sustain gains. Positive hourly studies have been dented by recent fall to 1.2960 zone, where temporary support was found, while bearish divergence, appearing on 4h chart, warns of possible failure at 1.3000 and fresh slide that would be confirmed on today’s close below the latter and break below day’s low at 1.2938. Otherwise, retest of 1.3000 would stay in play, as break here is seen as a trigger for resumption of near-term recovery from 1.2660, 13 Nov low and open 1.3020/25, then 1.3070, next upside targets.
Res: 1.3012, 1.3020, 1.3025, 1.3070
Sup: 1.2964, 1.2950, 1.2938, 1.2900
Cable’s near-term bulls are back in play, as dip from 1.6050 double-top to 1.5960, has been fully retraced. However, lack of momentum on near-term studies warn of possible further hesitation at 1.6050, as 20 day upper Bollinger caps the upside for now. Immediate supports lie at 1.6010/00, 20 day EMA / round figure, while more downside risk would be seen on loss of today’s low at 1.5960, also Fib 38.2% of 1.5826/1.6055 rally that also marks near-term range floor. Break above 1.6050 barrier to open 1.6067, 50% of 1.6308/1.5826 descend, ahead of 1.6100, psychological barrier.
Res: 1.6047, 1.6055, 1.6067, 1.6090
Sup: 1.6010, 1.6000, 1.5960, 1.5926
The pair eased below 82.00, following failure to break above 82.20 congestion and trendline resistance. As hourly studies lost momentum and prevailing negative tone on 4h chart, the downside remains vulnerable. Sustained break below 82.00 to confirm bearish continuation of larger descend from 82.83 and re-focus yesterday’s correction low at 81.68. On the upside, clearance of 82.20/30 is required to signal near-term basing attempt and open way for further retracement of 82.83/81.68 downleg.
Res: 82.20, 82.31, 82.56, 82.83
Sup: 82.00, 81.90, 81.84, 81.68
Near-term bears are interrupted by jump higher, after the pair posted fresh marginally lower low at 0.9251. However, overall negative tone would not be affected, as long as significant barriers at 0.9300, 50% of 0.9339/0.9251 / daily Ichimoku cloud and 0.9339, yesterday’s high, 4h 55 day EMA and near 38.2% of 0.9511/0.9251, stay intact. Current bounce, signaled by MACD / RSI bullish divergence, needs to clear those barriers to avert immediate risk of testing key support at 0.9213.
Res: 0.9285, 0.9300, 0.9318, 0.9339
Sup: 0.9251, 0.9213, 0.9200, 0.9193