EUR/USD Current price: 1.1503
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ECB’s governor Draghi finally delivered this Monday, launching an expanded asset purchase program, buying €60bn per month of assets until end of September 2016. This over Euro 1 trillion of fresh money exceeded expectations, and after some wild back and forth in price action, the EUR/USD pair resumed its slide having approached to its multiyear low of 1.1458. The downward break continues to favor the dominant bearish trend, with the 1 hour chart showing that the price extends well below its moving averages, as indicators present a strong bearish momentum below their midlines. In the 4 hours chart technical readings also turned south as the price extends below its 20 SMA, supporting the shorter term view. Nevertheless, a break below 1.1460 is now required to confirm a new leg lower, targeting 1.1370 for the upcoming sessions. Sellers will likely surge now in the 1.1540/50 price zone if reached in the short term.
Support levels: 1.1460 1.1420 1.1370
Resistance levels: 1.1510 1.1545 1.1590
GBP/USD Current price: 1.5152
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The GBP/USD retraced from a daily high of 1.5211 on the back of ECB’s decision, but holds pretty much unchanged compared to pre news levels. The 1 hour chart shows that the price holds above a bullish 20 SMA despite a long downward shadows below it, while indicators head lower but remain above their midlines. In the 4 hours chart, technical readings maintain a clear upward momentum as price holds also above its 20 SMA, helping to keep the downside limited. Further upward momentum however will surge only with a break above 1.5220 resistance area.
Support levels: 1.5135 1.5110 1.5070
Resistance levels: 1.5190 1.5225 1.5270
USD/JPY Current price: 117.39
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The USD/JPY pair resumes its decline after the news, trading below its moving averages in the 1 hour chart as indicators stand in negative territory, in line with the ongoing negative tone the pair has these days. In the 4 hours chart indicators present a strong downward momentum as 20 SMA caps the upside now around 117.80, with a break below the 117.00 level exposing the pair to a retest of 116.60 in the short term.
Support levels: 117.45 117.00 116.60
Resistance levels: 118.20 118.60 119.00
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