EUR/USD wavers but positive tone prevails

EUR/USD Current price: 1.3528

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The recovery of the euro against the dollar was capped by the 1.3595 level on Tuesday, leaving the EUR/USD confined to a range today, unable to pick up momentum either side of the board against a backdrop of light economic data and with investors cautious ahead of the ECB meeting. Short-term indicators keep a slightly bearish tone, although as long as the pair holds above the 1.3460 support area, the broader positive bias dominates, with focus on 1.3710. On the other hand, loss of the 1.3460 (23.6% retracement of the 1.2660/1.3710 rally) would expose 1.3400/10 area ahead of the 1.3310/15 zone (38.2% retracement).

Support levels: 1.3490 1.3460 1.3410

Resistance levels: 1.3580 1.3600 1.3660

GBP/USD Current price: 1.5662

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Consolidating mode around 2013 lows following the latest bearish movement. The GBP/USD is trading almost flat on the day with a slightly bearish trend. MACD, CCI and Momentum are bearish and Stochastic is bullish in the 15-minute chart. CCI and Momentum are bears in 1-hour windows while the Stochs and MACD are neutral. Bellow 1.5630, next key support/retracement level may be in the 1.5495-1.55 area (78.6% retracement of the May through Dec 2012 bull run and near the lows of a consolidation period during June-July 2012.) At this point, the bearish outlook remains so, until a break at least above 1.58.

USD/JPY Current price: 93.62

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First time at 94.00 since May 2010, the USD/JPY has been consolidating highs in the European session and currently the pair is trying to resume uptrend from 93.30. Currently the pair is around 93.55, 0.05% below opening price. CCI and Momentum are yet negative on 15-minute chart. While in the 1-hour chart we see CCI and Momentum on bullish and Stochastic in bearish.

The next key level to the upside is the 2010-high around 94.95. At this point, only a break below the 92.00 should bring up any consideration of a correction. With BoJ Gov. Shirakawa stepping down earlier, many expect the BoJ to plan additional stimulus sooner.

AUD/USD Current price: 1.0307

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The Australian dollar managed to stabilize after hitting a fresh 3-month low of 1.0295 weighed by markets cautious mood and broad USD strength. As indicators correct from oversold readings, we can see a modest bounce but the 1.0340/50 area looks strong enough to cap the upside. Controversy, below 1.0290, AUD/USD could extend its slide toward 1.0240 ahead of the 1.0200 mark.

Support levels: 1.0290 1.0240 1.0200

Resistance levels: 1.0350 1.0380 1.0400

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