EUR/USD Current price: 1.0825
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In quite a dull Monday, the EUR/USD pair trades with a tepid bearish tone within range, aiming to break below the 1.0840 Fibonacci level, with the dollar slightly higher across the board as Greek risk weighs. The weekend ended with no deal reached between the troubled country and its creditors during the Eurogroup meeting in Riga. Ahead of US PMIs releases, the EUR/USD 1 hour chart shows that the price stands below its 20 SMA, whilst the technical indicators head lower below their mid-lines, anticipating some additional declines towards the 1.0800 level. In the 4 hours chart the 20 SMA is losing its upward slope, but below the current price, whilst the technical indicators turned lower above their mid-lines, keeping the risk towards the downside.
Support levels: 1.0800 1.0760 1.0725
Resistance levels: 1.0855 1.0900 1.0950
GBP/USD Current price: 1.5114
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The GBP/USD pair trades near a daily low established near 1.5106, having been slowly but steadily easing since the day opened. There market seems eager to take some profits out of the table ahead of several critical macroeconomic readings later on in this week, including the FOMC economic meeting this Wednesday. From a technical point of view, the short term picture favors the downside, as in the 1 hour chart, the price extended below its 20 SMA that turns lower in the 1.5160 region, whilst the technical indicators approach oversold territory. In the 4 hours chart the 20 SMA offers immediate support around 1.5090, whilst the technical indicators correct lower from overbought levels, supporting at least a test of the mentioned support. Should the pair break below it, the downside is favored towards the 1.5050 price zone.
Support levels: 1.5090 1.5050 1.5010
Resistance levels: 1.5150 1.5200 1.5240
USD/JPY Current price: 118.97
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The USD/JPY pair recovered from a daily low set at 118.76, with the yen pressured by Flitch rating agency decision to downgraded Japan's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) to 'A' from 'A+', maintaining the outlook at stable. The pair however, found short term selling interest in the 119.40 region, 38.2$ retracement of the latest daily decline. The 1 hour hart shows that the price is battling around its 200 SMA whilst the 100 SMA stands as key resistance around 119.55, and the technical indicators lose their upward strength near overbought levels. In the 4 hours chart indicators are turning lower well into negative territory, all of which should keep the upside limited, and favor additional declines on a break below the 119.00 level.
Support levels: 119.00 118.60 118.20
Resistance levels: 119.50 120.00 120.40
AUD/USD Current price: 0.7813
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The Australian dollar trades around its daily opening against its American rival, having flirted with the critical resistance level around 0.7840 during Asian hours. The pair however, maintains a neutral technical stance, with the 1 hour chart showing that the price stands below a flat 20 SMA and that the technical indicators hover around their mid-lines, lacking directional strength. In the 4 hours chart the pair presents a mild positive tone, as the 20 SMA heads slightly higher around 0.7780, whilst the technical indicators hold above their mid-lines, albeit lacking directional strength. There should be large stops above the 0.7840 level, as the price has stalled several times around it during these last few weeks, meaning it will take a clear break above it to see the pair advancing towards the 0.7900 level.
Support levels: 0.7780 0.7750 0.7705
Resistance levels: 0.7840 0.7890 0.7940
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