EUR/USD - Heavy within range

Currency Majors Technical Perspective

EUR/USD Current price: 1.2857

EURUSD has continued to fall since the evening star formation was confirmed ahead of 1.3100 psychological resistance. Price action has dropped through the 1.2950 barrier. Support is now being seen in the area of the 1.2742 June 20th session high.

Support levels: 1.2840 1.2795 1.2745

Resistance levels: 1.2910 1.2930 1.2970

GBP/USD Current price: 1.5992

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

Closing below the 1.6100 round figure support barrier, GBPUSD remains bearish for the near term. Support is now being eyed at the 1.5911 August 23rd session high for the time being. Any retracement would require break back above the 1.6100 to be considered bullish.

Support levels: 1.5980 1.5940 1.5910

Resistance levels: 16000 1.6030 1.6060

USD/JPY Current price: 78.21

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

USDJPY has retested support via the 78.00 figure. A bounce here would set sights on a test of resistance via the 78.86 October 5th session high. A break through the handle support barrier would ensure a test of 77.50.

Support levels: 78.10 77.90 77.65

Resistance levels: 78.50 78.80 79.10

AUD/USD: Current price: 1.0203

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

AUDUSD has formed the second consecutive doji candlestick formation in as many days just ahead of 1.0161 support. A rebound here would activate upside targets at 1.0353. Oversold technical signals support the positive outlook.

Support levels: 1.0200 1.0160 1.0120

Resistance levels: 1.0235 1.0270 1.0300

New to Forex? Visit our Glossary!

Today's new term is Outright Monetary Transaction.

Published On Wed, Oct 10 2012, 05:13 GMT Previous entries

Richard C. Lee

Follow Follow my activity on FXstreet.com FXstreet.com website

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.

More articles by this author

Also Read

USD/JPY: Still well bid and looking for 105.00
FXstreet.com
EUR/USD: Daily H&S pattern about to be triggered
FXstreet.com
Giddy Up! New Highs for the Dollar
BK Asset Management
AUDUSD: Weakens, Eyes The 0.9700 level and Below
FXTechstrategy
PLN, HUF and RON weekly snapshot – tough week for the PLN and RON, HUF fighting the support
XTB Poland

Advertisement

Legal disclaimer and risk disclosure

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.