EUR/USD: no rest for Europe

EUR/USD Current price: 1.2833

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Another day another load of disappointing European headlines: this time Cyprus finance minister resigned, Italy remains without government, PMI data in Spain and France point for further contraction, and last but not least, EU unemployment rose to a record of 12%. The EUR/USD fell as low as 1.2808, and trades near its daily low early Asia, with the hourly chart showing 20 SMA heading lower above current price while indicators hold in negative territory. Stocks in the US reached fresh record lows which at this point, just prevents strong dollar gains along with some cautious mood over ECB next Thursday. However, the bearish scope remains intact: a break below 1.2790 should favor a retest of 1.2750 lows ahead of 1.2720, while approaches to 1.2880 remain as nice selling opportunities. 

Support levels: 1.2790 1.2750 1.2720

Resistance levels: 1.2840 1.2880 1.2910 

EUR/JPY Current price: 119.75

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Yen crosses  fell strongly over past Asian session, with the EUR/JPY reaching 119.12 before bouncing over the past sessions, finding buyers around 120.00 now. The hourly chart shows price still well below its 100 SMA that heads south above current price, while indicators turn flat in positive territory, still far from suggesting more short term gains. In the 4 hours chart bias remains to the downside, as indicators head south after latest move higher, with 119.50 as immediate support. Key support remains at 118.70, past February 25th daily low, and upward movements need to break and establish above 122.00 to deny current bearish trend. Break below 118.70 should favor a midterm slide towards next big support in the 115.50 area.

Support levels: 119.50 119.10 118.70

Resistance levels: 120.00 120.45 120.90

GBP/USD Current price: 1.5105

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GBP/USD reached 1.5097, over 120 pips below its daily opening as fears of a triple dip recession and speculation the BOE will ease further this week, discouraged buyers. The hourly chart shows price holding near the lows while indicators continue heading lower despite in oversold territory, suggesting corrective movements will remain limited. In the 4 hours chart technical readings are also heading lower, although 1.5090 stands as strong support. If stops gathered below get triggered, the pair may continue its fall with 1.5010 then at sight.

Support levels: 1.5090 1.5050 1.5010

Resistance levels:  1.5130 1.5170 1.5220 

USD/JPY Current price: 93.39

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The USD/JPY reached 92.55 before recovering most of its lost ground and close the day with some gains. As expected however, the recovery stalled at 93.50 former low, and the hourly chart shows indicators easing from overbought levels, while 100 and 200 SMA’s head south above current price. In the 4 hours chart technical readings also present a bearish tone, supporting the shorter term view, still looking for a test of 92.00 area.

Support levels: 93.05 92.80 92.45

Resistance levels: 93.50 93.85 94.20 

AUD/USD: Current price: 1.0451

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Aussie recovery on hawkish RBA saw the pair recovering and maintaining the 1.0440 level, which overall points for further upside in the pair. The hourly chart however, shows price below 20 SMA and indicators around their midlines, still far from showing a strong upward momentum. In the 4 hours chart, price stands above 20 SMA and indicators in positive territory, although flat: price needs to break recent highs above 1.0480 to confirm a bullish continuation with 1.0550 then at sight.

Support levels:  1.0440 1.0390 1.0360 

Resistance levels: 1.0480 1.0520 1.0550

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