EUR/USD Current price: 1.2918
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The euro weakened further on Friday and fell briefly below the 1.2900 level after Spain reported a record high unemployment rate of 25% and amid reports that Greece may need an extra €30 billion. EUR/USD fell to a 2-week low of 1.2981 before bouncing back to current levels. The technical picture still looks negative, with hourly indicators below their midlines but correcting from oversold levels, while the 4-hour chart supports the bearish bias for the rest of the day. Accelerations through the 1.2880 area could led the pair toward 1.2850 en route to 1.2836 where the 200-day SMA should offer strong support. Loss of this latter would be a very bearish sign.
On the upside, the EUR/USD needs to regain the 20-hour SMA at the 1.2930 zone to ease the pressure, while only a close above 1.3000 would provide relief.
Support levels: 1.2880 1.2850 1.2836
Resistance levels: 1.2950 1.2970 1.3000
GBP/USD Current price: 1.6112
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Bouncing off of yesterday’s 1.5914 support figure, GBPUSD is trading now above 1.6100 level and the 1.6050 psychological figure. The notion has sparked a likely extension higher in the major pair towards upside targets at 1.6200. Right now the pair is trading in consolidation mode between 1.6100 and 1.6120 with RSI and CMO in neutral territory in 1.hour chart but little bit overbought in the 4-chart picture.
In the 1-hour timeframe indicators such as CCI, Momentum and ROC are bearish according to the FXstreet.com Forex Studies. In the 1-day chart the same indicators points bullish.
Support levels: 1.6100 1.6050 1.6000
Resistance levels: 1.6140, 1.6165 1.6212
USD/JPY Current price: 79.83
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The dollar lost ground versus the yen given the risk-off environment, while the better-than-expected US GDP failed to provide support to the greenback. USD/JPY consolidates just below the 80.00 level, while indicators signal scope for a deeper correction. However, only below the 79.70 level should increase the bearish pressure with 79.50 in sight. A recovery above 80.00 could resume the bullish bias, with 80.40 as next target ahead of 80.60.
Support levels: 79.70 79.50 79.20
Resistance levels: 80.00 80.40 80.60
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