EUR/USD Current price: 1.2810


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The EUR/USD starts the week holding to its bearish tone despite the lack of volume. Easter holidays extend in several countries, with just Tokyo opened today in Asia, and European markets closed this Monday, which points for another range day across the board. Never the less, the pair trades barely 50 pips away from its yearly low, and weekend news are far from encouraging: Italian president  Giorgio Napolitano is considering resigning to allow new elections, after several attempts to form a government failed over last week, while Bank of Cyprus account holders above € 100,000 may lose up to 60% of their capital.



As for the short term technical point of view, the hourly chart presents a flat stance, with indicators hovering around their midlines and price right below a flat 20 SMA, giving no clues on next move. The downside however remains favored, with 1.2720/30 area at sight, as per being a strong static support level. Once below this last, there’s little in the middle for a ride towards 1.2660 November low. Recoveries up to 1.2880 will provide selling opportunities.



Support levels: 1.2790 1.2750 1.2720



Resistance levels: 1.2840 1.2880 1.2910



EUR/JPY Current price: 120.68


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The EUR/JPY still finds buyers on dips below the 120.00 area, although so far seems unable to recover the lost ground. The battle of the “less weak” among these two may maintain the pair in range, although the downside continues to be favored both short and midterm. In the hourly chart, price remains below 100 SMA currently offering dynamic resistance around 120.80, while indicators remain in neutral territory; once below 120.40, further slides are to be expected today. In the 4 hours chart indicators corrected extreme oversold readings and stand flat below their midlines, which supports limited possibilities of recoveries. 



Support levels: 120.50 119.90 119.30



Resistance levels: 120.80 121.45 122.00



GBP/USD Current price: 1.5192


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Unchanged from last updates, the GBP/USD consolidates around 1.5200, maintaining a slightly positive tone according to the hourly chart, as indicators aim higher from their midlines, although price hovers around a flat 20 SMA, which reflects latest range. In the 4 hours chart indicators support the upside, as momentum heads north above 100 and price stands above 20 SMA, while 200 EMA stands around 1.5230 acting as immediate resistance. The downside remains limited by 1.5170 static support area, and as long as above this last, bulls will remain in control.



Support levels: 1.5170 1.5130 1.5090  



Resistance levels:  1.5230 1.5260 1.5300



USD/JPY Current price: 94.26


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The USD/JPY presents a short term bullish tone, with price struggling to overcome 100 SMA in the hourly chart, while indicators gain positive ground above their midlines. Again, yen advances had been understood as buying opportunities, with dips below 94.00 attracting buyers. However, recoveries above the level had remained pretty well limited, which supports another leg down before the pair resumes its bullish long term trend. As for the short term and to the upside sellers had been aligned around 94.40/50, so only steady gains above will  favor further recoveries today.



Support levels: 93.90 93.50 93.20



Resistance levels: 94.45 94.85 95.10



AUD/USD: Current price: 1.0403


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Australian dollar remains under pressure after failing to extend gains beyond 1.0500, barely above 1.0390, immediate support level, and with a slightly bearish tone in the hourly chart. In the 4 hours one, price remains below 20 SMA that gains bearish slope above current price, while indicators aim higher still below their midlines. A recovery should extend now above the 1.0440 area to deny the possibility of more slides, while once below the 1.0400 mark, there’s scope for a continuation towards 1.0330 support area.



Support levels: 1.0390 1.0360 1.0330



Resistance levels: 1.0440 1.0480 1.0520








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