EUR/USD Current price: 1.2550
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The EUR/USD is moving in a consolidating mode, without a clear trend for the day, but holding a bearish tone after Eurozone and US economic data, but as long as it holds above 1.2500, declines would be limited; a break below could trigger a bearish rally, targeting initially 1.2475 and below here 1.2450. To the upside the euro has been unable to break above 1.2570; it needs a consolidation above to gain strength and break the current trading range.Technical indicators in the 1-hour and 4-hours charts show indicators mixed. The 4-hour chart is at an important support level, that could favor a rebound, but below 1.2500 the scenario could change.
Support levels: 1.2500 1.2465 1.2445
Resistance levels: 1.2550 1.2575 1.2605
USD/JPY Current price: 118.15
View Live Chart for the USD/JPY
Price continued to advance to fresh multi-year highs, until found resistance below 119.00, increasing volatility around that level. After an expected bearish correction during the European session, technical indicators are turning again to the upside, particularly after US economic data. USD/JPY rose back above 118.00 and recovered ground. The trend remains bullish but longer term charts show overbought reading, that could limit the upside. If the price falls back below 118.10 (where the hourly 20-SMA stands), it would expose daily lows and open the doors for a bigger correction.
Support levels: 118.10 117.80 117.05
Resistance levels: 118.45 118.70 119.00
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