EUR/USD Current price: 1.3189
The EUR/USD continued to slide during the 2/21 session, weighed down further by poor manufacturing and services data out of the Eurozone. It has fallen below 1.32 to about 1.3160 before finding some support at the end of the 2/21 session. This broke a rising trendline going back to July 2012, the beginning of the current bullish trend. There is an intra-session resistance at 1.3230, above which we might get a pullback toward the 1.33 pivot. Below it, the bearish trend remains strong. 38.2% retracement of the rally from July to Feb (1.2041-1.3710) would be at 1.3072, which could be the rest of this week’s short-term target. Below that, the 50% retracement is also in sight at 1.2875.
Support Levels: 1.3008 1.3083 1.3137
Resistance Levels: 1.3266 1.3341 1.3395
GBP/USD Current price: 1.5252
GBP/USD stabilized a bit during the 2/21 session but only after pushing lower, to 1.5130. After such a strong slide after the BoE and FOMC minutes, it appears to be latching around a key support in the 1.5230-1.5260 area. A bullish divergence with the CCI suggests consolidation/correction ahead. If we get consolidation around this area, and then a break to the downside, it is a game changer, opening up first the 1.50 handle, and possible even the 1.4227, 2010-low if the 1.50 is broken and becomes resistance.
Support Levels: 1.5027 1.5078 1.5169
Resistance Levels: 1.5311 1.5362 1.5453
USD/JPY Current price: 93.13
The USD/JPY fell below 93.00 during the 2/21 session. Still the USD/JPY has a bullish stance in the daily chart, and the 91.80-92.00 level needs to be broken before a top is established. Then we have the 91.25 and 90.30 pivots as well as a rising trendline to challenge the bearish outlook. For now, as it remains above 92.00, there is still room toward the 95.00, 2010-high.
Support Levels: 91.55 92.16 92.64
Resistance Levels: 93.73 94.34 94.82
AUD/USD: Current price: 1.0285
It appears that the AUD/USD is settling into a range in the last couple weeks of price action. After pushing slightly lower than the previous support pivot at 1.0226, AUD/USD rallied during the 2/21 session. However, the rally found resistance at 1.03. Therefore, we might be neutral in the very short-term, but the bias remains bearish, with the 1.0150-1.0165 key support area in sight.
Support Levels: 1.0153 1.0187 1.0239
Resistance Levels: 1.0325 1.0359 1.0411