EUR/USD: holding above the 1.1200 level

EUR/USD Current price: 1.1196

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The EUR/USD pair retraces from a daily high set at 1.1240 during the European session, reached after European data resulted up beating, with unemployment in the region down to 11.2% and inflation figures showing a slight improvement yearly basis. In the US, Personal Income and Spending figures missed expectations, although the dollar maintains its early gains against most of its rivals. As for the short term in the EUR/USD, the pair trades above its 20 SMA while the Momentum indicator heads higher above 100 in the 1 hour chart, keeping the downside limited as long as the price holds above 1.1200. In the 4 hours chart however, the technical picture is clearly bearish with the 20 SMA heading lower around 1.1250 and the indicators losing their early upward strength well into negative territory, suggesting the upward corrective movement is complete, and that the pair is ready to resume the downside.  

Support levels: 1.1200 1.1170 1.1130 

Resistance levels: 1.1250 1.1285 1.1320

GBP/USD Current price: 1.5383

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The GBP/USD surged to a daily high of 1.5420 on the back of a strong Markit Manufacturing reading in the UK, but quickly retraced, finding selling interest around a daily ascendant trend line broken earlier in the day. Short term, the 1 hour chart shows that the price develops below a bearish 20 SMA while the technical indicators stand directionless below their midlines, after a short bounce from a daily low of 1.5372. In the 4 hours chart the technical picture favors the downside, as the price develops below a bearish 20 SMA while the indicators head south below their mid-lines: renewed selling pressure below the mentioned daily low, should lead to additional declines towards the 1.5330 price zone. 

Support levels: 1.5370 1.5330 1.5290

Resistance levels: 1.5420 1.5450 1.5490 

USD/JPY Current price: 119.77

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The USD/JPY advance stalled a few pips below the 120.00 figure, but maintains some intraday gains considering Friday's close at 119.56. The 1 hour chart shows that the price holds well above its moving averages, but that the Momentum indicator crosses its mid-line to the downside, while the RSI also heads lower around 56, risking a downward move, particularly if the price breaks below 119.40 the immediate support. In the 4 hours chart, the technical indicators hold above their midlines, but are losing their upward strength, but the overall stance is positive. Renewed buying interest above 119.95 should lead to a continued advance up to 120.45, the next strong resistance level.

Support levels: 119.40 118.80 118.25 

Resistance levels:  119.95 120.45 120.90

AUD/USD Current price: 0.7775

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The AUD/USD pair fell down to 0.7755 weighed by speculation the RBA may cut rates during its upcoming Tuesday meeting. The pair trades below the 0.7800 level ever since the week started, and the 1 hour chart shows that a strongly bearish 20 SMA capped the upside and continues to head lower above the current price, while the technical indicators are turning south below their midlines. In the 4 hours chart the technical indicators are biased lower well into negative territory with scope to extend its decline down to 0.7720 if the mentioned daily low gives up.

Support levels: 0.7755 0.7720 0.7680

Resistance levels: 0.7800 0.7840 0.7890