EUR/USD Current price: 1.3041
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The EUR/USD trades at a 2-day low, weighted by soft German industrial data, and market talks, there is no majority possible in the German parliament for a bailout of Cyprus. Technical failure at the 1.3300 level, along with the break below of the 38.2% retracement of the latest bearish run yesterday, points for a downward continuation towards key 1.3000 level. The hourly chart shows 20 SMA heading lower above current price while indicators stand in negative territory, supporting the view, while in the 4 hours chart despite bearish, indicators are quite neutral to signal a stronger fall. Lose of 1.2990 however, will likely trigger a stronger downward movement, with 1.2950 first and 1.2880 then at sight.
Support levels: 1.3000 1.2950 1.2910
Resistance levels: 1.3080 1.3110 1.3145
GBP/USD Current price: 1.5998
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Pound accelerates its losses against the greenback, challenging the 1.5990 static support as we speak. The GBP/USD bearish momentum is quite strong according to the hourly chart with indicators nearing oversold levels and price well below 20 SMA. With price at a fresh 6-week low and 4 hours chart showing also an increasing bearish tone, the pair may continue towards 1.5940 area over current session, while a daily close around those levels will open doors for a continuation towards 1.5820, past November monthly low.
Support levels: 1.5990 1.5940 1.5900
Resistance levels: 1.6025 1.6065 1.6100
USD/JPY Current price: 87.72
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The USD/JPY finally bounced higher form the 87.00 level, where 200 SMA in the hourly chart offered strong support. The recovery now extends above 100 SMA in the mentioned time frame, which suggests the bullish trend remains healthy. Indicators in the mentioned timeframe also head higher, with momentum nearing overbought readings and RSI anticipating more gains ahead. Above 87.90, the pair may attempt to retest the 88.40 highs set earlier this week.
Support levels: 87.40 87.05 86.80
Resistance levels: 87.90 88.40 88.80
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