EUR/USD Current price: 1.3513

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The EUR/USD is maintaining some short-term bearish momentum that can be seen in the 1H chart, but remains bullish in the in the daily chart. It is squaring up ahead of tomorrow's ECB meeting. A short-term bearish market even after the risk event is still in the context of a correction, but a break below 1.3170, which would clear some key rising trendlines, would usher in a bearish outlook. Otherwise, beware of the market buying on a dip, with a push above 1.3710 signaling bullish continuation toward the 1.3830 area.

Support Levels 1.3493 1.3406 1.3354 

Resistance Levels 1.3632 1.3684 1.3771

GBP/USD Current price: 1.5650

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GBP/USD is holding tight during the 2/6 session, possibly with the market anticipating tomorrow's BoE meeting, and clues regarding its QE prospect. A return back above 1.5820 should neutralize recent bearish outlook, with a break above 1.59 giving way to some bullish outlook with focus back toward the 1.63 handle, although the 1.60 psychological level is also a key level to monitor. Otherwise, downside risk remains toward the 1.55 area.

Support Levels 1.5594 1.5524 1.5420

Resistance Levels 1.5768 1.5872 1.5942

USD/JPY Current price: 93.44

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USD/JPY failed to break the 94.00 handle and traded in a tigh range during the 2/6 sesion. 93.17 was a previous resistance pivot that could be tested as support during the 2/7 session. Be careful trying to pick a top in this bullish market. We need at least a break below 92.50, which would clear a rising trendline, and suggest some short-term bearish correction. Otherwise, beware of the market buying on dips.

Support Levels 92.53 91.49 90.87

Resistance Levels 94.19 94.81 95.85

AUD/USD Current price: 1.0307

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The AUD/USD continued to slide during the 2/6 session, extending the bearish reaction to the dovish sounding RBA statement. It has cleared a key support pivot at 1.0340 but is stalling at 1.03. At this point, a break below 1.03 opens up the Sept-Oct. 2012 lows at 1.0150-1.0165, which represent a support/low area for a range formed since July 2012.

Support Levels 1.0353 1.0318 1.0266

Resistance Levels 1.0440 1.0492 1.0527

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