EUR/USD: bears maintain the lead

EUR/USD Current price: 1.0882

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The good news coming from Greece were not enough to support the common currency, as despite the Parliament approved the agreement between Tsipras and the EU past midnight, the EUR/USD pair fell below the 1.0900 level this Thursday. The ECB had its economic policy meeting in the European morning, leaving rates and facilities unchanged, as expected. Draghi speech confirmed that the Central Bank has no plans on changing course any time soon. Also, he was asked about Greece, and it was clear Draghi is among those, who want the country to remain within the EU no matter what. The ECB, also announced the raise of the Greek ELA by  €900m. In the US, weekly unemployment claims  declined last week for the first time in a month, heading back toward the lowest levels in more than a decade by printing 281K. The July Philly Fed business outlook however, came out at 5.7, well below expected, halting temporally dollar's advance. 

The EUR/USD pair fell down to a fresh 2-month low of 1.0854, from where it bounced up to 1.0925 before resuming its slide. The bearish potential is still clear, and the 1 hour chart shows that the price remains well limited towards the upside by a bearish 20 SMA, whilst the technical indicators have stabilized in negative territory after correcting oversold readings. In the 4 hours chart, the 20 SMA has accelerated sharply lower above the current level, whilst the technical indicators head sharply lower below their mid-lines, supporting a strong downward continuation on a break below 1.0820, last May monthly low. 

Support levels: 1.0850 1.0820 1.0790

Resistance levels: 1.0910 1.0950 1.0990 

EUR/JPY Current Price: 134.93

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The EUR/JPY resumed its decline on the back of the EUR weakness, trading as low as 134.75 on the day, and closing the day below the 135.00 level. The 1 hour chart shows that the intraday attempts of recovery were capped by the 200 SMA, currently around 135.30, providing an immediate intraday resistance, whilst the technical indicators present tepid bearish slopes below their mid-lines. In the 4 hours chart, the bearish tone is clearer as the price has been steadily printing lower lows and lower highs, whilst the technical indicators maintain their strong bearish slopes below their mid-lines. The immediate support stands at 134.60, with a break below it required to confirm additional declines towards the 133.70 region. 

Support levels: 134.60 134.20 133.70

Resistance levels: 135.30 135.80 136.25

GBP/USD Current price: 1.5619

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The GBP/USD pair has closed the day a handful of pips below its daily opening, having however, fell down to 1.5559 during the European morning. There was no catalyst behind the intraday decline beyond dollar's broad strength and the Pound managed to recover ground, despite the UK´s  Conference Board Leading Economic Index declined 0.4% in May, weighed by a large drop in consumer confidence.  The bullish trend remains firm in place, and the 1 hour chart shows that the price is now aiming to advance above a mild bearish 20 SMA, whilst the technical indicators present a limited upward slope, approaching now their mid-lines. In the 4 hours chart, the price is well above its 20 SMA, whilst the Momentum indicator has turned lower, but remains above the 100 level, and the RSI indicator is recovering its bullish tone, advancing around 56. As long as the price holds above 1.5590, the 23.6% retracement of the latest bullish run, the upside remains favored, eyeing an approach to the 1.5710/20 price zone for this Friday.  

Support levels: 1.5590 1.5555 1.5520 

Resistance levels: 1.5640 1.5685 1.5715

USD/JPY Current price: 124.12

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The USD/JPY pair trades near a daily low set at 124.17 by the US close, having slowly, but steadily advanced all through the day. The pair continues to trade in limited intraday ranges, albeit maintaining the positive tone seen on previous updates. Technically, the bias is higher according to the 1 hour chart, as the price continues to hold well above a bullish 100 SMA, whilst the technical indicators aim higher well above their mid-lines. In the 4 hours chart, the price stands above its moving averages that anyway lack directional strength, whilst the RSI indicators hovers around the 70 level and the Momentum indicator heads north above 100. Nevertheless, the pair has been unable to sustain gains above the 124.00 level ever since losing it after topping around 125.85 early June, which means additional confirmations are required to support a new leg higher.

Support levels: 123.77 123.30 122.90 

Resistance levels: 124.50 124.90 125.30

AUD/USD Current price: 0.7405

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The Australian dollar surged against the greenback up to 0.7436 this Thursday, with the Aussie bouncing during the past Asian session after the Australian  Consumer Inflation Expectation rose to3.4% in July, from a previous reading of 3.0%. The AUD/USD pair recovered from a fresh multi-year low of 0.7349, and is now struggling to hold above the 0.7400 figure by the end of the day. Technically, the 1 hour chart shows that the technical indicators maintain their positive tone above their mid-lines, whilst the 20 SMA heads higher below the current price, limiting chances of a stronger decline. In the 4 hours chart, however, the outlook is bearish, with the price unable to advance beyond a bearish 20 SMA, whilst the technical indicators are now retreating from their mid-lines, supporting a retest of the mentioned low on  a break below the 0.7400 figure.

Support levels: 0.7400 0.7350 0.7310 

Resistance levels: 0. 7445 0.7470 0.7500