EUR/USD Current price: 1.3078
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The ECB cut rates by 0.25% as expected, and the EUR/USD maintained the positive tone, posting intraday gains above the 1.3200 level, and looking for an upward continuation. However, failure to overcome 1.3225 resistance, and Draghi’s words regarding the possibility of negative rates was enough to trigger a selloff in the pair towards current daily lows. The fact is that the bank did not announced negative rates, and barely considered them as a possibility. However, that was enough to set market mood. Moreover, confirms the pair is trading range bound in the 1.30/1.32 area, as now approaches to the base.
The hourly chart shows a strong break below the 38.2% retracement of the latest daily fall, around 1.3115, now key resistance, as bears will lead as long as below it. Despite the wide move, the pair has still more room for slides, with 1.2970/1.3000 as probable bottom for today.
Support levels: 1.3050 1.3010 1.2970
Resistance levels: 1.3115 1.3150 1.3185
GBP/USD Current price: 1.5539
View Live Chart for the GBP/USD (select the currency)
Pound is being weighted by EUR slide, although price is holding above the 1.5520/40 static support area. The hourly chart shows price hovering around a flat 20 SMA as technical indicators turn bearish and approach their midlines, although with no strength. In the 4 hours chart the pair maintains the positive tone, with 20 SMA offering dynamic support around current levels. With dollar on demand, there are not much chances of a strong recovery, yet the upside remains limited by 1.5605 Fibonacci resistance for today.
Support levels: 1.5530 1.5490 1.5450
Resistance levels: 1.5580 1.5610 1.5650
USD/JPY Current price: 97.75
View Live Chart for the USD/JPY (select the currency)
The USD/JPY trades back lower after testing 98.38 with the ECB, capped in the short term by 200 SMA. The hourly chart shows price finding now some buyers around former resistance of 97.50, while indicators continue heading higher in positive territory. In the 4 hours chart technical readings remain neutral, and a break above 98.40 resistance is now required to confirm and advance towards 98.80/92.00 area.
Support levels: 97.50 97.10 96.70
Resistance levels: 98.20 98.40 98.80
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