The Euro slumped post-Fed, with break and close below 1.2636, bull-trendline drawn off 1.2499 low, probing below near-term **** at 1.26 zone. Yesterday’s bearish Outside Day, confirms bears are back in play, with daily close below 1.26 ****, to signal possible full retracement of 1.2499/1.2884 ascend, as fresh weakness retraced so far 76.4% of the rally. Oversold near-term studies, however, require correction, which should, in extended mode, stay under previous strong support, now resistance, at 1.2690/1.2700 zone, where Fibonacci 61.8% of descend from 1.2769 lower top lies, reinforced by daily Kijun-sen line and daily 20SMA.

Res: 1.2763; 1.2780; 1.2800; 1.2839

Sup: 1.2725; 1.2700; 1.2663; 1.2633

Yesterday’s long red candle confirms return of near-term bears back to play, as fresh acceleration lower left a double-top at 1.6180/82 and took out psychological 1.60 support and former higher low at 1.5992, on over 61.8% retracement of 1.5873/1.6182 upleg, seen so far. This sidelines near-term upside attempts, which were looking for retest of pivotal 1.6225 barrier and shifts focus back to key near-term support at 1.5873, low of 15 Oct. Oversold near-term conditions, suggest corrective action, which should be ideally capped under 1.61, Fibonacci 61.8% of entire descend from 1.6180, 28 Oct peak. Break above the latter is required to neutralize bears.

Res: 1.6015; 1.6046; 1.6071; 1.6100

Sup: 1.5962; 1.5939; 1.5900; 1.5873

The pair accelerated higher on fresh dollar’s strength, after completion of near-term consolidative phase and probes levels above psychological 109 barrier. Yesterday’s bullish close confirms daily bulls are fully in play for eventual test of key resistances at 110 zone. Corrective actions on overbought near-term studies, are expected before final push higher, with former high at 108.34, offering the first strong support, ahead of 107.60 higher ****, reinforced by daily 20SMA and daily Kijun-sen / Tenkan-sen bull cross, where extended corrective dips should be contained.

Res: 109.22; 109.50; 109.89; 110.07

Sup: 108.73; 108.34; 108.00; 107.60

The pair lost traction after yesterday’s probe above short-term range top and breakpoint at 0.89, with subsequent sharp fall, bringing the price back to the middle of 0.8641/0.8909 range. Yesterday’s bearish Outside Day could signal further weakness, which would bring range’s lower boundary in focus, in case of extension and close below 0.87 handle. Otherwise, prolonged range trading, would be likely near-term scenario.



Res: 0.8800; 0.8831; 0.8858; 0.8900

Sup: 0.8753; 0.8717; 0.8700; 0.8673

The Euro probes again below 1.25 support, Fibonacci 76.4% of 1.2042/1.3992 ascend / psychological support, which was dented last Friday, but the pair failed to sustain break closing above the level. Daily and weekly close in red confirms bearish stance, as confirmation of completion of 1.2500/1.2884, near term corrective phase, is required to resume larger bears for the final leg towards key longer-term support at 1.2042, July 2012 low. However, caution is still required and may keep bears on hold, in case of repeated bounce and close above 1.25 handle, which is signaled by daily RSI / MACD bullish divergence. Last Friday’s lower tops at 1.2542 and 1.2589, offer initial resistances, while 1.2630, 30 Oct lower top, marks a breakpoint, above which to neutralize bears.

Res: 1.2512; 1.2542; 1.2589; 1.2600

Sup: 1.2440; 1.2400; 1.2350; 1.2287

The pair dipped towards 1.59 support, break of which is required to confirm bearish breakout, paused by double Doji and failure to clear important 1.60 level, also 50% retracement of larger 1.4812/1.7189 rally. Overall picture, however, remains bearish and favors final push towards key 1.5873, 15 Oct low, but repeated failure to clear 1.60 handle, would be a good signal of bounce, which is required to clear initial barriers at 1.6037, lower top of 30 Oct and 1.6052, 50% retracement of 1.6180/1.5923 downleg, reinforced by daily Tenkan-sen line.

Res: 1.6000; 1.6037; 1.6052; 1.6082

Sup: 1.5923; 1.5900; 1.5873; 1.5850

The pair remains well supported and keeps the upside focused, as weekly gap higher open approached psychological 113 barrier. Strong bullish tone on larger timeframes, with weekly and daily close in long bullish candles, supports the notion, as the rally took out Fibonacci 76.4% of larger 124.14/75.55 descend. Sustained break above 113 barrier to open 115.92/117.95 Nov/Oct 2007 highs and in extension, 120.12, Fibonacci 61.8% of 1998/2011 147.68/75.55 descend. Previous highs and strong support at 110 zone, along with broken bear-trendline, connecting 2002/2007 peaks, should ideally contain corrective dips, which are signaled by overextended near-term studies.

Res: 113.00; 113.50; 114.00; 114.50

Sup: 112.50; 112.30; 112.00; 111.50

The pair came under pressure, after weekly opening occurred in gap-lower and triggered fresh weakness to 0.87 support zone, moving the price towards short-term range floor. Last Friday’s bearish Inside Day signaled fresh weakness, along with weekly close in long upper wick Doji candle, which signaled limited upside for now. Overall bearish tone keeps focus at the downside, along with fresh bears developing on lower timeframes studies. Final break below short-term range floor, to signal resumption of larger downtrend from 2011 peak at 1.1079 and look for test of its mid-point at 0.8543.

Res: 0.8759; 0.8800; 0.8850; 0.8900

Sup: 0.8700; 0.8673; 0.8641; 0.8600

The Euro bounces above 1.25 handle after posting fresh low at 1.2440, where temporary support was found. Overall negative tone and yesterday’s close below 1.25 level, suggest further downside after corrective action is completed, ideally under 1.2590/1.2600, 31.Oct lower top / 50% retracement of 1.2769/1.2440 downleg. On the other side, daily RSI / MACD bullish divergence signals possible stronger recovery action, which requires break above 1.2610/30 barriers, Fibonacci 38.2% of 1.2884/1.2440 descend / daily Tenkan-sen line and 30 Oct lower top, to be confirmed

Res: 1.2542; 1.2590; 1.2600; 1.2630

Sup: 1.2500; 1.2469; 1.2440; 1.2400

The pair holds in near-term sideways mode, consolidating above psychological 1.59 support, which stays intact for now. Yesterday’s long-legged Doji, the third in a row, confirms near-term indecision, as the pair is still flirting with magnetic 1.60 level, also mid-point of larger 1.4812/1.7189 rally. Further consolidation is seen likely in the near-term, with breakout to signal fresh direction. Bears remain in play on larger timeframes and require clearance of temporary support at 1.5873, 15 Oct low, to resume larger descend from 1.7189. On the other side, fresh gains and close above 1.60 level, as well as lift above near-term range tops at 1.6035 zone, reinforced by 4-hour 55SMA and daily Tenkan-sen line/505 of 1.6180/1.5923, would be initial signal of higher **** formation and stronger recovery.

Res: 1.6019; 1.6037; 1.6052; 1.6082

Sup: 1.5963; 1.5923; 1.5900; 1.5873

The pair remains well supported and extended strong rally through psychological 114 barrier, which peaked at 114.20 yesterday. Strong bullish tone of larger timeframes, keeps the upside favored, with Fibonacci 61.8% retracement of larger 147.68/75.55 descend at 120.26, coming in focus. While yesterday’s opening gap stays intact expect shallow correction before fresh push higher. Otherwise, slide below 112.30, last week’s closing level, would open way for stronger pullback, which would expose strong 110 support area.

Res: 114.00; 114.20; 114.50; 115.00

Sup: 113.26; 113.00; 112.50; 112.30

The pair remains under pressure in the near-term, following weekly gap-lower opening and fresh weakness through 0.87 support zone, which extended to test short-term range floor at 0.8641. Prevailing bearish tone favors eventual break of one-month range and extension of downmove from 0.95 zone, year-to-date high. Conversely, bounce and close above yesterday’s high at 0.8760, would avert immediate downside risk and signal prolonged sideways trade.

Res: 0.8735; 0.8760; 0.8800; 0.8850

Sup: 0.8700; 0.8672; 0.8641; 0.8600

The Euro’s extension of near-term corrective phase from fresh two-year low at 1.2440, with yesterday’s positive close, which occurred above 1.25 handle, was short-lived. The rally probed above 1.2565, 38.2% of 1.2769/1.2440 downleg, shy of the first breakpoints at 1.2600, round-figure / daily Tenkan-sen line and 1.2630, 30 Oct lower top, before pulling back. Return below 1.25 handle, neutralizes hopes of stronger rally, which was signaled by daily RSI / MACD bullish divergence and raises downside risk, which will be confirmed by sustained break and close below 1.25 level.

Res: 1.2500; 1.2529; 1.2565; 1.2576

Sup: 1.2469; 1.2440; 1.2400; 1.2350

The pair lost traction on attempt to sustain break above 1.60 handle, failing for now to capitalize on yesterday’s positive close, after repeated Dojis. Return below 1.60 level weakens near-term structure, with focus shifting towards near-term range’s floor, as overall picture remains bearish. Daily close below 1.5923, low of 03 Nov, to confirm bearish resumption towards psychological 1.59 level and key support at 1.5873, low of 15 Oct. Conversely, fresh attempts above 1.60 barrier, require break and close above 1.6052/61, daily Tenkan-sen/Kijun-sen lines, to confirm break above near-term congestion and signal stronger recovery.

Res: 1.6000; 1.6020; 1.6037; 1.6052

Sup: 1.5923; 1.5900; 1.5873; 1.5850

The pair remains well supported and establishes above 114 handle, following yesterday’s pullback from 114.20, which was contained above psychological 113 support. Fresh bulls continue to move the price higher, despite overbought conditions on all timeframes, with extension above 115 barrier, expected to further accelerate gains. The pair focuses 118.00, Fibonacci 261.8% projection, ahead of more significant 120.26, Fibonacci 61.8% retracement of larger 147.68/75.55 descend, in the near-term, as bullish acceleration on a break above long-term bear-trendline, connecting 135.16 and 124.14, 2002/ 2007 peaks, sees scope for further retracement of multi-year 147.68/75.55 descend.

Res: 115.00; 115.48; 116.00; 116.50

Sup: 114.00; 113.50; 113.20; 113.00

Near-term price action comes under pressure after upside attempts failed to extend gains and fill Monday’s opening gap, as rally stalled at week’s high at 0.8760. Return below 0.87 handle, brings downside risk towards short-term congestion lows at 0.8641 in play, for eventual break lower and resumption of larger downtrend. Overall bears favor scenario. Only return and break above session highs, would sideline immediate bears, while break and close above 0.88 barrier is required to shift near-term focus higher.

Res: 0.8700; 0.8730; 0.8760; 0.8775

Sup: 0.8676; 0.8641; 0.8600; 0.8543

The Euro enters near-term sideways mode following an upside rejection at 1.2576 and subsequent easing, which ended in yesterday’s close in red, but so far not making stronger impact on near-term price action, as fresh low at 1.2440, stays intact for now. Fresh bounce above 1.25 handle, signals that immediate downside risk is on hold. However, near-term tone remains negative, which suggests further consolidation, before fresh attempt lower, as overall picture is bearish. Daily 10EMA, which so far capped rallies, offers good resistance at 1.2571, with potential break here, expected to open breakpoints 1.2600, daily Tenkan-sen line and 1.2630, lower top of 30 Oct. Only break of the latter would neutralize risk of retesting 1.2440 and resumption of larger downtrend on a break.

Res: 1.2528; 1.2576; 1.2600; 1.2630

Sup: 1.2493; 1.2470; 1.2456; 1.2440

The pair returned to 1.60 zone, after spike lower, which cracked key 1.5873 support, proved to be false break. Yesterday’s red candle with long lower wick, signals further hesitation for sustained break below 1.5900, weekly cloud **** and 1.5873, 15 Oct low as magnetic 1.60 level continues to attract. Overall tone remains negative, with hourly studies being in neutral mode. On the upside, range tops / daily Tenkan-sen line and 50% of 1.6180/1.5867 downleg at 1.6025, offer strong resistance, with break and close above, to avert immediate downside risk, as short-term price action has established within 1.5870/1.6180 range. Otherwise, fresh attempts lower and close below 1.5867, would signal an eventual resumption of the downtrend from 1.7189, July 2014 peak, for test of 1.5750, June 2013 high and 1.5720, Fibonacci 61.8% of 1.4812/1.7189 ascend.

Res: 1.6000; 1.6025; 1.6037; 1.6052

Sup: 1.5953; 1.5923; 1.5900; 1.5867

The pair remains bullish overall, with fresh rally above psychological 115 barrier, posting new seven-year high at 115.50. Subsequent quick reversal, which found temporary footstep at 114 handle, could be seen as corrective action on strongly overbought 4-hour / daily studies. Overall bullish picture continues to focus the upside, with break above 115.50, to look for 117.95, Oct 2007 high and 120.26, Fibonacci 61.8% retracement of larger 147.68/75.55 descend, in extension. However, weakened hourly technicals cannot rule out further easing, with loss of 114 handle to signal stronger pullback towards 113.16 higher **** and Fibonacci 23.6% of 105.18/115.49 upleg.

Res: 114.83; 115.00; 115.50; 116.00

Sup: 114.00; 113.50; 113.16; 113.00

The pair eventually ended short-term consolidation, with break below the range floor at 0.8641, triggering fresh weakness through 0.8600 handle, to come ticks away from its next target at 0.8543, 50% retracement of 0.6007/1.1079 ascend. Yesterday’s close in red and below psychological 0.86 barrier, confirms negative scenario. Former range floor at 0.8641 now offers strong resistance and should ideally cap corrective rallies on oversold near-term studies. Potential break and close above here would delay bears. Key near-term barriers and breakpoints lay at 0.8760 lower platform / highs of the week and 0.8800 psychological barrier.

Res: 0.8641; 0.8673; 0.8700; 0.8730

Sup: 0.8600; 0.8551; 0.8543; 0.8500

The Euro returns to 1.25 zone, previous highs, reinforced by descending daily 10SMA, where yesterday’s rally stalled on repeated attempt higher. Sustained break and close above here is needed to confirm bulls, which are establishing on 4-hour chart, for further recovery towards next pivotal barriers at 1.2532 and 1.2576. Daily RSI/MACD bullish divergence supports the notion. Conversely, extended congestion could be expected on repeated rejection at 1.25 resistance, with 1.24 zone marking the downside breakpoint, loss of which will be bearish.

Res: 1.2500; 1.2532; 1.2565; 1.2576

Sup: 1.2452; 1.2438; 1.2411; 1.2393

Cable is gaining strength after eventual break above 1.59 handle followed yesterday’s rally from 1.5833 trough and so far reached 1.5940, Fibonacci 38.2% of 1.6180/1.5788 descend. Bullish hourly and bulls entering play on 4-hour chart, support further upside, which was signaled by yesterday’s bullish Outside Day. Also, Daily RSI/MACD bullish divergence supports further gains. Psychological 1.60 level, reinforced by daily 20SMA, offers next significant resistance, on the way to the breakpoint at 1.6020 zone, lower platform Fibonacci 61.8% retracement. Only loss of 1.5833, hourly higher ****, would neutralize bulls.

Res: 1.5953; 1.6000; 1.6020; 1.6085

Sup: 1.5900; 1.5875; 1.5833; 1.5800

The pair consolidates fresh gains which took out previous peaks at 115.50 zone and probed above psychological 116 barrier. Pullback was so far contained at 115 zone, also mid- point of 113.84/116.09 upleg, with further easing allowed to 114.70, Fibonacci 61.8%, before fresh attempt higher. Overall bullish structure favors further upside, with near-term targets laying at 117.95, Oct 2007 high and 120.12, Fibonacci 61.8% of long-term 147.68/75.55 descend. Only loss of pivotal 114 support would put bulls on hold.

Res: 116.00; 116.21; 116.62; 117.00

Sup: 115.00; 114.62; 114.25; 113.84

The pair resumes recovery off 0.8539 low after eventually taking out strong 0.8680 barrier and extending above psychological 0.87 level. Fresh bulls off 0.8589 higher low, approach 50% retracement of 0.8909/0.8539 descend and are looking for test of pivotal 0.8760 lower platform and Fibonacci 61.8% retracement, above which to confirm near-term bottom. Yesterday’s bullish Outside Day, as well as daily MACD bullish divergence, support the notion. Initial supports lay at 0.8680/65, with stronger pullback required to hold above 0.86 handle, to keep bulls in play.

Res: 0.8717; 0.8760; 0.8800; 0.8850

Sup: 0.8680; 0.8665; 0.8650; 0.8607