EUR/USD Current price: 1.0912

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The American dollar traded higher against its European rival during the first half of the day, driven by Draghi's words, repeating the ECB will review its easing program next December, and a downward revision of local Services PMIs. Despite the numbers continue reflecting a steady growth in the Euro area, with the German Services PMI printing 54.5 against previous 55.2. The EU final reading resulted at 54.1 against a previous estimate of 54.2. Also, the European Producer Price Index decreased less than expected in September, but still resulted negative in September, down by 0.3% monthly basis and 3.1% compared to an year before. The EUR/USD pair fell down to 1.0915 before bouncing some, ahead of the release of the US ADP report. The US private employment survey resulted at 182K barely above the 180K expected, but enough to keep the common currency under pressure and boost the greenback

Technically, the EUR/USD pair 1 hour chart shows that the pair is trading at fresh daily lows, having remained  contained towards the upside, by a strongly bearish 20 SMA, whilst the technical indicators head south near oversold territory. In the 4 hours chart, the technical indicators maintain their strong bearish slopes well below their mid-lines, in line with a continued decline on a break below 1.0896, last week low. 

Support levels:  1.0895 1.0845 1.0800

Resistance levels: 1.0960 1.1000 1.1045 

GBP/USD Current price: 1.5401

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The GBP/USD pair consolidated uneventfully in a tight 50 pips range for most of the day, as investors are waiting for the upcoming BOE's economic policy decision this Thursday. The Pound found some support early Europe, as the UK Services PMI final reading for October resulted at 54.9, against the previous estimate of 53.3, another sign of economic solid growth in the kingdom.  However, the release of the US ADP report sent the pair down to 1.5392, and now struggles to hold above the 1.5400 level ahead of the American opening. The short term picture favors a continued decline, as in the 1 hour chart, the technical indicators have turned south below their mid-lines, whilst the price stands below a flat 20 SMA. In the 4 hours chart,  the 20 SMA heads higher above the current level, whilst the technical indicators head slightly lower below their mid-lines, in line with the shorter term view. 

Support levels: 1.5360 1.5330 1.5385

Resistance levels: 1.5445 1.5480 1.5520

USD/JPY Current price: 121.28

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Approaching key 121.45 region. The USD/JPY pair advanced up to 121.37 at the beginning of the day, having once again met buying interest on a pullback towards the 121.00 level, but still unable to advance beyond the critical resistance at 121.45. The pair is biased higher in the short term, as the 1 hour chart shows that the price is well above its moving averages, whilst the technical indicators have resumed their advances above their mid-lines. Nevertheless, investors may be reluctant to trigger a stronger rally ahead of Friday's US employment report. In the 4 hours chart, the upside is also favored as the RSI indicator has resumed its advance and it currently stands around 63, whilst the Momentum indicator holds well into positive territory, although lacking upward strength. 

Support levels: 120.90 120.35 120.00 

Resistance levels: 121.45 121.80 122.25

AUD/USD Current price: 0.7174

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The AUD/USD pair posted a higher high for the week at 0.7223 during the Asian session, boosted by a strong rally in local share markets. But the Aussie's strength faded with the European opening, as dollar's demand resurged and gold prices extended their declines. Technically, the 1 hour chart shows that the pair is pressuring its daily lows while extending below its 20 SMA, and that the technical indicators have crossed their mid-lines towards the downside, all of which supports additional declines. In the 4 hours chart, the price is approaching a bullish 20 SMA around 0.7160, the immediate support, whilst the technical indicators head sharply lower in positive territory, and are about to enter negative territory, supporting further declines on a downward acceleration below 0.7150.

Support levels: 0.7150 0.7100 0.7065 

Resistance levels: 0.7195 0.7240 0.7290

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