EUR/USD, holding above 1.3180 despite dollar gains

EUR/USD Current price: 1.3206

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While the greenback advances against most of its rivals, the EUR remains reluctant to fall against the dollar, trading around 1.3200, 23.6% retracement of its latest bullish run. Downside risk remains high after failure of US Fiscal Cliff deal, along with profit taking ahead of 2 weeks of winter holidays in the north hemisphere. The hourly chart shows price caped below 20 SMA and indicators heading south below their midlines, giving the pair a clear bearish tone. In the 4 hours chart, technical readings also present a bearish stance, favoring an approach to the 1.3100/40 area in the upcoming hours.

Support levels: 1.3180 1.3140 1.3100

Resistance levels: 1.3225 1.3250 1.3290 

GBP/USD Current price: 1.6214

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Trading at daily lows, the GBP/USD is being pressured also by disappointing GDP readings in the UK. The hourly chart presents a strong downward momentum, with price accelerating lower below 20 SMA and indicators nearing oversold levels. In the 4 hours chart price retraces from a flat 20 SMA, while indicators hold in neutral territory, showing not much bearish strength yet. Pair needs to lose 1.6190 to trigger stops and extend the slide, targeting 1.6120 then.

Support levels: 1.6190 1.6160 1.6120

Resistance levels: 1.6240 1.6285 1.6310 

USD/JPY Current price: 84.08

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The USD/JPY stands barely above the 84.00 mark, weight by market sentiment. The hourly chart shows price limited to the upside by 100 SMA, around 84.10, as over the last few hours, the pair has been unable to clearly break above it. Indicators stand in bearish territory, yet aiming slightly higher, keeping the downside limited in the short term. In bigger time frames a limited bearish tone is also present, yet unless a run below 82.80, the downside seems limited. 

Support levels: 84.80 83.50 83.20

Resistance levels: 84.30 84.60 84.90 

AUD/USD: Current price: 1.0430

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Australian dollar continues falling against most majors, with the AUD/USD approaching quickly to the daily ascendant trend line coming from 1.0148, October 8th daily low around 1.0390, immediate support. The hourly chart shows a strong bearish momentum, as indicators barely corrected extreme oversold readings before turning back lower, while in the 4 hours chart  technical readings also support the downside. Maybe not today, but once the support gives up, the pair may enter a stronger bearish movement that will find next strong support around 1.0260.

Support levels: 1.0390 1.0355 1.0310

Resistance levels: 1.0430 1.0470 1.0510 

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