EUR/USD Current price: 1.2285
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With half Europe in holidays, early morning there was little action across the board, although the EUR/USD slide to 1.2268 on a general dollar momentum, and discouraging news coming from Greece, as the country seeks for an extension of its austerity program, aiming to improve the country’s debt sustainability. US fundamental data however, put dollar under pressure: CPI fell to 0.0%, Empire state manufacturing index shrank to -5.9% and long term TICS shown also decreased well below expectations. Market is getting rid of the greenback ahead of the US opening, with the EUR/USD lagging: the pair trades below the 1.2300 mark, with the hourly chart showing indicators slightly exhausted to the downside yet a strong bearish tone intact. In bigger time frames rage persists with a slightly bearish tone also present, suggesting more slides ahead as long as 1.2320 holds the upside.
Support levels1.2250 1.2220 1.2160
Resistance levels: 1.2320 1.2350 1.2380
GBP/USD Current price: 1.5690
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Pound holds to its recent strength, rising to 1.5700 daily high on news the BOE did not consider to change its economic policy in its latest meeting. Dollar momentum saw the pair falling near key 1.5655 level before bouncing on bad news from the US. Technically speaking the hourly chart shows a limited bullish tone with price holding above a flat 20 SMA and indicators bouncing higher form their midlines after recent slide, yet showing no much strength at the time being. In the 4 hours chart technical readings are mostly flat in neutral territory, with the pair needing to break either below 1.5655 of above 1.5735 to set a clearer intraday one.
Support levels: 1.5655 1.5620 1.5590
Resistance levels: 1.5710 1.5735 1.5770
USD/JPY Current price: 78.71
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The USD/JPY extended its advance to 79.04 before worse than expected US number sent it down to 78.62 daily low, where price tested its daily pivot and bounced higher. The hourly chart shows price broke below 20 SMA and indicators heading strongly south below their midlines, yet as long as 78.50 holds the downside seems limited. In the 4 hours chart indicators head south from extreme overbought levels, supporting current correction lower without actually erasing the bullish tone seen over the past two days.
Support levels: 78.50 78.30 78.10
Resistance levels: 79.10 79.40 79.75
AUD/USD: Current price: 1.0496
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The AUD/USD reached 1.0453 before bouncing higher, with price now standing right below the 1.0500 mark. The hourly chart shows a limited bullish momentum developing, although a short term descendant trend line around 1.0510 needs to be broken to confirm further gains in the pair. In the 4 hours chart, price develops below 20 SMA while indicators turn flat in negative territory, with no strength to continue higher at the time being. If price eases back below 1.0480, the bears will be back in control, targeting 1.0435, August low.
Support levels: 1.0480 1.0435 1.0400
Resistance levels: 1.0510 1.0535 1.0570
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