EUR/USD still giving bearish indications

Currency Majors Technical Perspective

EUR/USD Current price: 1.2975

EURUSD has closed below the previous session low of 1.2993, which coincides with a spinning top. As a result, a potential evening star has formed, just under 1.3100 psychological resistance. The pattern stands as a bearish indication, highlighting support at 1.2838.

Support levels: 1.2930 1.2905 1.2880

Resistance levels: 1.2970 1.3000 1.3030

GBP/USD Current price: 1.6021

View Live Chart for the GBP/USD (select the currency)

GBPUSD has closed through 1.6076 support, lending a bearish bias on the major’s near term prospects. Although a temporary correction back to the aforementioned level is possible, it is likely the pair will extend its decline to 1.5905, the next support level.

Support levels: 1.6005 1.5980 1.5940

Resistance levels: 1.6030 1.6060 1.6090

USD/JPY Current price: 78.30

View Live Chart for the USD/JPY (select the currency)

USDJPY has failed to overtake the 79 handle resistance figure, instead declining on the session. As a result, focus has now been shifted to 77.90 support or the August 1st session low. Any continuation to the 80 resistance barrier would require a break above the aforementioned 79.

Support levels: 78.10 77.90 77.65

Resistance levels: 78.30 78.50 78.80

AUD/USD: Current price: 1.0192

View Live Chart for the AUD/USD (select the currency)

A doji candlestick has surfaced in AUDUSD price action, lending a bullish bias on the major currency. A close above the 1.0218 October 8th session high would confirm the notion of a morning star formation. The notion would extend the current advance to 1.0327 resistance.

Support levels: 1.0150 1.0120 1.0080

Resistance levels: 1.0200 1.0235 1.0270

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Published On Tue, Oct 9 2012, 04:49 GMT Previous entries

Richard C. Lee

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Richard Lee is currently a contributing analyst for FXStreet.com. Previously, Richard was a senior FX analyst for DailyFX.com and featured on Yahoo! Finance and Bloomberg. He draws from more than a decade of financial experience in several different asset classes - with emphasis in foreign exchange and equities.

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