EUR/USD: retracing on US up beating core CPI

EUR/USD Current price: 1.0780

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The EUR/USD pair retraces from a daily high at 1.0847, reached early Europe as investors are still in favor of dumping the American currency. The US inflation readings resulted at -0.1% in March compared to an year before, albeit the core reading ticked higher, up to 1.8%, triggering a dollar short term rally that is yet to prove its duration. Nevertheless, the EUR/USD 1 hour chart shows that the price is finding some buying interest around its 20 SMA around 1.0770, whilst the technical indicators have turned lower in positive territory. In the 4 hours chart indicators are also losing upward strength above their mid-lines, although the price stands above its moving averages, with the 20 SMA heading strongly up around 1.0700.

Support levels:  1.0770 1.0745 1.0710 

Resistance levels: 1.0825 1.0870 1.0910

GBP/USD Current price: 1.5009

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The British Pound surged above the 1.5000 figure for the first time in a month, as UK's  employment data showed that the unemployment rate fell to its lowest in almost seven years, while wages ticked higher, and the number of people in employment rose by 248K in the 3 months ending February. Having set a daily high at 1.5053, the pair is now hovering around the 1.5000 figure on the back of US's inflation readings, and with the 1 hour chart showing that the technical indicators are correcting lower from overbought levels, albeit the price remains well above a bullish 20 SMA, limiting chances of a strong decline. In the 4 hours chart the price stands well above its 200 EMA, currently at 1.4910, while the technical indicators are beginning to look exhausted near overbought levels, all of which supports a limited at least some consolidation above 1.4950, ahead of a new leg up. 

Support levels: 1.4950 1.4910 1.4880  

Resistance levels: 1.5000 1.5040 1.5085

USD/JPY Current price: 119.07

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The USD/JPY pair fell down to 118.56 as stocks trade quite negatively across the world, although improved inflationary readings in the US have boosted the pair above the 119.00 ahead of the US opening. The 1 hour chart shows that the technical indicators  are crossing their midlines to the upside as the price approaches its daily highs, albeit the 100 SMA heads strongly lower in the 119.40, providing a strong dynamic resistance level in the case of additional advances. In the 4 hours chart, the price is still well below its moving averages, whilst the technical indicators aim higher in negative territory, suggesting the upside is still limited.

Support levels: 118.75  118.35 118.00

Resistance levels: 119.40 119.80 120.10