EUR/USD: More falls ahead

EUR/USD Current price: 1.2972

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Dollar gained side by side with stocks, as investors welcomed signs of strength in the US economy: despite diverging from actual NFP reading, the ADP survey expects the US to have added around 198K new jobs on February; factory orders come out better than expected, S&P said US economic growth prospects are “brighter” while the Beige Book highlighted once more that the US economy is growing at a moderate to modest pace. None of these is a big surprise; but add distrust over the European recovery, and you have it right. 

The EUR/USD enters Asian session below the 1.3000 mark, triggering stops around 1.2980 and nearing 1.2965 immediate support. The hourly chart shows price gained bearish momentum after breaking below a short term ascendant trend line, while 20 SMA heads south also above current price; technical readings stand near oversold levels, but bigger time frames not only maintain the bearish tone, but also support further slides. Fresh lows will expose key 1.2880 static support.

Support levels: 1.2965 1.2920 1.2880

Resistance levels: 1.3010 1.3050 1.3085

EUR/JPY Current price: 122.02

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The EUR/JPY struggles to maintain its gains after latest EUR slide across the board, with the pair barely holding above 122.00, 50% retracement of its latest bearish leg. Yen weakness prevailed over the American session, yet EUR self weakness will likely maintain the upside limited in the pair. The hourly chart shows 100 and 200 SMA’s converging around 121.50 offering short term support in case the Fibo level gives up, while indicators turn south still in positive territory. Bigger time frames maintain a neutral stance given recent range, with 121.10 and 122.60 as key extremes to break to see a clearer picture.

Support levels: 122.00 121.50 121.10 

Resistance levels: 122.20 122.60 123.10

GBP/USD Current price: 1.5016

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Barely standing above the 1.5010 level, the GBP/USD accelerated lower since early European session, as the bearish trend resumed ahead of BOE early This Thursday. The hourly chart shows downward pressure still strong after a limited upward correction that found sellers in the 1.5050 price zone. In the 4 hours chart technical indicators are giving also selling signals, with 1.4920 now at sight for today.

Support levels:  1.5010 1.4980 1.4940

Resistance levels: 1.5050 1.5110 1.5160 

USD/JPY Current price: 94.06

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Dollar bounce against Japanese yen extended up to current 94.00 area, with the hourly chart showing indicators slightly exhausted to the upside and in overbought levels. However, 100 SMA continues to gain ground below current price after clearly overcoming 200  one, which supports further gains ahead. Risk now is next Friday US employment data, as a negative reading could send investors back towards yen, but for now, bulls rule: pair will face strong resistance around 94.50, but once above, 95.20 comes at sight.

Support levels: 93.80 93.50 93.20 

Resistance levels: 94.10 94.50 94.90

AUD/USD: Current price: 1.0231

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The AUD/USD reached 1.0300 only to give up its gains, nearing now 1.0220 support level. The hourly chart shows price back below the daily descendant trend line, 20 SMA above current price turning lower and indicators heading south after a limited correction, all of which supports further slides.  4 hours chart shows indicators heading strongly south still in positive territory while 20 SMA stands below current price: renewed selling pressure below 1.0220 is required to confirm a downside continuation towards 1.0100 price zone.

Support levels:  1.0180 1.0140 1.0100

Resistance levels: 1.0270 1.0300 1.0335 

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