EUR/USD Current price: 1.0932
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The EUR/USD surged to 1.1002 following the release of strong Manufacturing and Service figures across Europe confirming the sense the area is growing lately. Nevertheless, the pair was unable to break above the critical psychological figure, also the 50% retracement of these last two months decline. US inflation data ticked slightly higher in February, up 0.2% as expected, whilst excluding food and energy, the year-to-year figure rose above forecasted up t 1.7%. Still subdued, the initial market reaction saw the EUR/USD diving down to 1.0936 before quickly bouncing up to a fresh daily high of 1.1029, before regaining the downside. Early in the US session, the pair is under selling pressure, and the 1 hour chart shows that the price is breaking below its 20 SMA, whilst the technical indicators head lower around their midlines. In the 4 hours chart the technical indicators are retracing from extreme overbought levels, supporting some further declines, particularly on a break below 1.0920 the immediate short term support.
Support levels: 1.0920 1.0890 1.0865
Resistance levels: 1.0955 1.1000 1.1040
GBP/USD Current price: 1.4892
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The GBP/USD pair pressures its daily low set so far at 1.4889, weighed by weak UK inflation readings released earlier in the day. The pair has been trading quite rage bound ever since the day started, although the greenback seems ready to extend its advance in the short term, as the 1 hour chart shows that the price is unable to overcome its 20 SMA, whilst the technical indicators aim lower below their midlines. In the 4 hours chart hover, the price is still holding above a flat 20 SMA, whilst the technical indicators turning lower, but still above their midlines. A break through 1.4850 the immediate support, should lead to a stronger decline, which can extend down to the 1.4770 support.
Support levels: 1.4850 1.4810 1.4770
Resistance levels: 1.4925 1.4950 1.5000
USD/JPY Current price: 119.58
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The USD/JPY fell down to a fresh 4-week low at 119-21 before bouncing back above the 119.50 level, far however from signaling a stronger advance in the short term, as the 1 hour chart shows that the price holds below strongly bearish moving averages, and that the technical indicators remain well below their midlines. In the 4 hours chart the Momentum indicator maintains a strong bearish slope while the RSI consolidates around 30 and the price stands below its moving averages, all of which should keep the upside limited, probably below the 120.00 level.
Support levels: 119.20 118.80 118.50
Resistance levels: 119.65 120.00 120.40
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