EUR/USD: Draghi failed to boost the EUR


EUR/USD Current price: 1.3345

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The EUR/USD traded slightly higher after ECB latest policy meeting, where Super Mario reaffirmed the Central Bank will use any tool at its disposal to fight the economic slowdown. A small change in wording, omitting that rates can be lower than current, helped the EUR temporarily up,yet unable to advance beyond 1.3400 and falling strongly with US opening. The hourly chart shows price tested the roof of a daily descendant channel at 1.3933 before retracing with price breaking below its 20 SMA and indicators gaining bearish potential. In the 4 hours chart, technical readings are still bearish with a break below 1.3335 required to see a new leg lower towards 1.3295.

Support levels: 1.3335 1.3295 1.3250

Resistance levels: 1.3400 1.3440 1.3475

GBP/USD Current price: 1.6829

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BoE meeting as usual ended being a no-event for markets, albeit GBP is down against the greenback: the pair trades a few pips above 1.6822 daily low, with the hourly chart showing price below its 20 SMA and indicators heading lower in negative territory, supporting a test of 1.6800. In the 4 hours chart the picture is pretty much the same, with 20 SMA capping the upside around 1.6860 and indicators headed south: a break below mentioned low should lead to a quick test of 1.6770, in route to 1.6730 stronger support.

Support levels: 1.6800 1.6770 1.6730

Resistance levels: 1.6860 1.6895 1.6940

USD/JPY Current price: 102.35

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The USD/JPY grinds slowly higher, helped by the positive tone in US stocks and better than expected unemployment readings. Nevertheless, the hourly chart shows 100 and 200 SMAs converging in the 102.50 price zone, offering immediate resistance, while indicators support the upside as per bouncing from their midlines. In the 4 hours chart indicators advance some but remain below their midlines, with price action supporting some upward continuation, firmer with a break above mentioned resistance zone.

Support levels: 102.25 101.95 101.60

Resistance levels: 102.50 102.80 103.10 

AUD/USD Current price: 0.9269

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Australian dollar trades near its daily low of 0.9262 against the greenback, weighted by negative Australian employment data published past Asian session. The hourly chart shows 20 SMA with a strong bearish slope above current price and indicators saturating in oversold levels. In the 4 hours chart indicators lost downward potential in negative territory, with 20 SMA also well above current price, favoring the shorter term view.

Support levels: 0.9260 0.9220 0.9180

Resistance levels: 0.9300 .9330 0.9370 

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