EUR/USD Current price: 1.1240
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The EUR/USD pair finally found a short term bottom at 1.1113 this Friday, having bounced back above the 1.1200 figure by US opening, a shy 140 pips bounce considering the pair lost 530 ever since Draghi announced QE. Stocks soared in Europe, but worse than expected US Markit Manufacturing PMI is forcing local share markets lower, and investors toward profit taking. The EUR/USD pair erased half its intraday losses, and the 1 hour chart shows that indicators aim higher from extreme oversold levels, while 20 SMA maintains a strong bearish slope offering resistance around 1.1310. In the 4 hours chart indicators maintain a strong bearish momentum, deep in oversold territory and supporting the dominant bearish trend. A retracement below 1.1200 should see the pair resuming its slide while selling interest will likely surge if the price extends up to 1.1290/1.1310.
Support levels: 1.1200 1.1160 1.1115
Resistance levels: 1.1260 1.1290 1.1310
GBP/USD Current price: 1.5009
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The GBP/USD pair has bounced from a multi-month low of 1.4950, struggling to hold above the 1.5000 level. The short term technical picture shows that the price advanced above its 20 SMA whilst indicators correct higher but remain below their midlines, supporting a limited upward corrective movement, should the pair extend its advance above 1.5025 immediate resistance. In the 4 hours chart technical readings are biased lower deep in the red, suggesting current upward move will remain limited. Sellers will likely surge on approaches to 1.5025/50, while the downward movement should resume if price eases again below the 1.4980 level.
Support levels: 1.4980 1.4950 1.4920
Resistance levels: 1.5025 1.5050 1.5090
USD/JPY Current price: 117.68
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The USD/JPY has been unable to pick up this Friday, under pressure since early Asia. The 1 hour chart shows that the pair failed to advance beyond a daily descendant trend line, whilst indicators head strongly south below their midlines and the prices pressures 200 SMA, immediate support. In the 4 hours chart technical indicators hover around their midlines, giving no clear clues on upcoming direction, but the price developing below moving average suggest further declines are likely.
Support levels: 117.45 117.00 116.60
Resistance levels: 117.90 118.35 118.80
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