EUR/USD Current price: 1.2605
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The EUR/USD posted a lower low for the week of 1.2546 on the release of a better than expected US GDP reading, up to 3.5% against the expected 3.0%. The movement however was short lived, as the pair bounced up to 1.2614 with the news, hovering around the 1.2600 with US opening. The movement was for the most corrective as the critical price zone held, probably triggered by some profit taking. Technically, the 1 hour chart shows indicators recovered from extreme oversold levels yet remain in negative territory, while 20 SMA maintains a strong bearish slope, capping the upside around mentioned 1.2614. In the 4 hours chart momentum continues heading south with RSI posting a shy bounce form 30: above 1.2620, the corrective movement can extend up to 1.2660, without affecting the ongoing bearish trend. Renewed selling interest that pushes price below 1.2550 on the other hand, should lead to a test of the year low at 1.2501.
Support levels: 1.2580 1.2550 1.2500
Resistance levels: 1.2620 1.2660 1.2700
GBP/USD Current price: 1.5999
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The GBP/USD also bounced back to hold around 1.6000 after posting a lower low for the week of 1.5950. The pair how shows little aims to extend its gains beyond the 1.6010 price zone, and the hourly chart shows price also hovering back and forth around a bearish 20 SMA, while indicators corrected oversold readings but remain below their midlines. In the 4 hours chart indicators are bouncing form oversold levels, and 20 SMA maintains a strong bearish slope above current price. An upward correction is possible, moreover on a break above 1.6030, 50% retracement of the latest bullish run.
Support levels: 1.5995 1.5950 1.5910
Resistance levels: 1.6030 1.6060 1.6090
USD/JPY Current price: 109.03
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The USD/JPY holds around 109.00, maintaining its bullish tone both short and longer term according to technical readings: the 1 hour chart shows indicators regaining the upside with momentum recovering from its midline, while 100 and 200 SMAs advanced further: the shortest one now converges with a strong Fibonacci support around 108.25. In the 4 hours chart, indicators look exhausted in overbought territory, but remain far from suggesting a bearish correction.
Support levels: 108.70 108.25 107.70
Resistance levels: 109.45 109.90 110.20
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