EUR/USD Current price: 1.3064
The EUR/USD ranged today (2/26) between 1.3017 and 1.3121 but closed near where it opened around 1.3060. Fundamental risk is pressuring the Euro. If EUR/USD does fall further, the next “near-term” target could be 50% retracement (of 1.2041-1.3710) at 1.2875. A rally back above 1.3125 could neutralize the bearish outlook for the time being.
Support Levels: 1.2911 1.2964 1.3015
Resistance Levels: 1.3119 1.3172 1.3223
GBP/USD Current price: 1.5127
GBP/USD weakened after starting the week with a pullback. It remains trading near the 2 1/2 year low, with more room to fall toward the 1.50 psychological handle. Below that the 1.4781 pivot and 1.4224 pivot opens up as well. A bullish divergence is developing, suggesting the market is due for a consolidation or correction, but note that in 2013, pull backs have been fewer than 210 pips.
Support Levels: 1.4980 1.5045 1.5087
Resistance Levels: 1.5194 1.5259 1.5301
USD/JPY Current price: 91.97
Despite breaking below 92.00 to start the week, USD/JPY still needs further confirmation by staying below 92.00. The next challenge to the downside is the 90.28 support/resistance pivot a break below which might also clear a rising trendline from November. If this develops, a bearish correction opens up the 87.75-88.00 support area. If USD/JPY stays above 92.00, the 95.00 level is still in sight.
Support Levels: 89.61 90.36 91.23
Resistance Levels: 92.85 93.60 94.47
AUD/USD: Current price: 1.0227
AUD/USD broke below the 1.0220 February range low during the 2/26 session. It was not a strong break, but nonetheless opens up the 1.0150-1.0165 major support area. However, a push back above 1.30 would make this a possible false break, and a push above 1.0375, would put AUD/USD in neutral ground.
Support Levels: 1.0098 1.0149 1.0190
Resistance Levels: 1.0282 1.0333 1.0374