EUR/USD Current price: 1.3720
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After holding pretty well to Draghi speech and the decision to keep rates on hold, the EUR/USD accelerates lower ahead of US opening, nearing 1.3705 past Friday low. The pair faltered to advance beyond 1.3810 on an initial spike and seems Draghi dovish wording was actually enough after all to put the common currency under pressure.
The hourly chart shows indicators still around their midlines, albeit a slightly bearish tone prevails considering price action, albeit if bulls decide to defend current levels, the pair may quickly return to the 1.3750 and stay put there again ahead of the US employment figures to be released tomorrow. In the meantime, a break below the 1.3700 figure could push the pair down to 1.3640/60 price zone, where a long term ascendant trend line converges with the 61.8% retracement of the latest daily bullish run. It will be only a break below this last that will jeopardize bulls’ strength in the days to come.
Support levels: 1.3710 1.3670 1.3640
Resistance levels: 1.3750 1.3780 1.3815
GBP/USD Current price: 1.6581
View Live Chart for the GBP/USD
The GBP/USD fell earlier today, on the back of a disappointing Services PMI reading in the UK, and was unable to recover ground with the news, extending down to 1.6570 daily low. The short term picture has turned bearish, with price developing below its 20 SMA and indicators heading lower in negative territory, supporting a test of 1.6550 static support area. In the 4 hours chart current candle opened below the 200 EMA while indicators gain bearish momentum below their midlines, supporting the short term view.
Support levels: 1.6550 1.6510 1.6470
Resistance levels: 1.6610 1.6650 1.6690
USD/JPY Current price: 104.01
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Dollar demand pushed USD/JPY towards fresh highs above the 104.00 mark, albeit the movement remains subdue, with price a few pips above pre news levels. The hourly chart maintains a positive tone, with indicators above their midlines and moving averages heading strongly up well below current price, supporting current movement but not anticipating further upward accelerations right now. The pair will likely remain around current levels until NFP reading upcoming Friday.
Support levels: 103.90 103.60 103.30
Resistance levels; 104.45 104.80 105.20
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