EUR/USD Current price: 1.0887
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Following an upward extension up to 1.0947, the EUR/USD pair finally succumbed to dollar's strength, dropping down to 1.0880 ahead of the US opening. The lack of progress coming from Greece allegedly deal with its creditors underway announced yesterday, took its toll over the common currency. In the US, weekly unemployment claims resulted worse-than-expected, reaching 282K for the week ended May 22th, triggering a bounce in the pair back above the 1.0900 level, which was quickly erased. Technically, the 1 hour chart shows that the price is now moving back and forth around a flat 20 SMA, whilst the technical indicators are turning higher in neutral territory, lacking a clear directional strength. In the 4 hours chart, the price is unable to advance above a bearish 20 SMA, whilst the Momentum indicator heads higher around 100, but the RSI maintains its bearish tone around 41. Unless some encouraging news come from Greece, the upside will likely remain limited, with renewed selling interest below 1.0890 favoring a bearish continuation for today.
Support levels: 1.0850 1.0810 1.0770
Resistance levels: 1.0930 1.0960 1.1000
GBP/USD Current price: 1.5292
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The British Pound fell below the 1.5300 level against the greenback, reaching a fresh 3-week low of 1.5265 as a result of a tepid UK GDP second reading for the first quarter of this 2015. The market was expecting a revision higher, up to 0.4%, but the figures remained steady at 0.3%. The pair has a strong static support around 1.5260, and considering the pair is having a hard time to recover the 1.5300 level, the downside remains favored. Technically, the 1 hour chart shows that the 20 SMA maintains a strong bearish slope above the current price, whilst the technical indicators are aiming higher near oversold readings. In the 4 hours chart, the price extended further below its moving averages, whilst the technical indicators stand flat well into negative territory, supporting a breakout lower should the price extend below the mentioned 1.5260 level.
Support levels: 1.5260 1.5220 1.5180
Resistance levels: 1.5310 1.5365 1.5400
USD/JPY Current price: 124.27
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The USD/JPY pair extended its advance to 124.38, level not seen since December 2002, holding nearby despite US tepid employment data. The bullish trend stands firm in place, with the 1 hour chart showing that the price continues to develop well above its 100 and 200 SMAs, whilst the technical indicators are well above their mid-lines, partially losing their upward strength. In the 4 hours chart, the RSI heads higher around 75 whilst the Momentum indicator diverges lower in overbought territory. Nevertheless, the upside remains favored with a break above 124.40 exposing additional advances towards the 125.00 region.
Support levels: 124.05 123.65 123.30
Resistance levels: 124.40 124.85 125.10
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