EUR/USD: bears still lead

EUR/USD Current price: 1.0665

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The EUR/USD pair trades slightly higher this Tuesday, having advanced up to 1.0669 early Europe on the back of positive German data. According to the latest releases, the largest European economy continued growing as the third quarter GDP came as expected at 0.3% whilst the IFO survey showed that the business climate index climbed to 109 in November, the highest level since June 2014, from 108.2 in October. The release of the US Q3 GDP second revision resulted better than expected, up to 2.1% from a previous reading of 1.5% and above the 2.0% expected. Also, the US trade deficit came better-than-expected, down to $-58.41B from a previous $-58.63B. The pair extended its advance by a couple of pips despite the positive readings and ahead of the US opening and the 1 hour chart shows that the price is above a bullish 20 SMA, while the technical indicators aim higher above their mid-lines, but with the price unable to firmly extend above its 100 SMA. In the 4 hours chart, however, the pair maintains a neutral stance, with the price a couple of pips below a mild bearish 20 SMA and the technical indicators heading higher but below their mid-lines. 

Support levels: 1.0620 1.0590 1.0550 

Resistance levels: 1.0690 1.0730 10760

GBP/USD Current price: 1.5078

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The GBP/USD pair fell below the 1.5100 level, following some comments from BOE's governor Mark Carnet and chief economist Haldane, the first stating that interest rates are likely to remain low "for some time" and the second stating that downside inflation risk is worse than the one reported in the latest inflation report. The pair trades a few pips above 1.5067, the daily low, and the 1 hour chart shows that the price has accelerated well below a bearish 20 SMA, while the technical indicators have lost their bearish strength but hold in oversold territory. In the 4 hours chart, the technical supports a continued decline, given that the technical indicators head sharply lower well into negative territory, supporting a downward extension towards the 1.5000/10 price zone. 

Support levels: 1.5050 1.5010 1.4980

Resistance levels: 1.5110 1.5160 1.5190 

USD/JPY Current price: 122.53

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Key support at 122.20. The USD/JPY pair trades near a fresh weekly low set at 122.34 after the release of the US data, from where its currently bouncing, although still in the red daily basis. The 1 hour chart shows that the price has fallen well below  its 100 and 200 SMAs, both around 123.00, but that the technical indicators are bouncing from oversold levels,   limiting chances of a stronger decline. In the 4 hours chart, the price is stuck around a bullish 100 SMA, whilst the technical indicators aim higher but below their mid-lines. The key support comes at 122.21, past November 15th daily low, with a break below it required to confirm a stronger bearish movement during the upcoming sessions. 

Support levels: 122.20 121.70 121.35

Resistance levels: 123.00 123.40 123.75