EUR/USD Current price: 1.2931


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Neither EUR/USD bearish rally not the Cyprus drama are over yet: Monday saw the pair nose dive to 1.2828, fresh year low, as market players slowly digested the consequences of the Cyprus bail-in. The pair came under pressure mid European morning, hovering around 1.2950 until Dutch Finance Minister Dijsselbloem, EU group president, stated that more bail-ins could happen in Europe, triggering a sell off towards mentioned low. He changed his wording an hour later, but it was too late: market players are not willing to trust the Euro, and possibilities of bank runs had increased now exponentially. 


Short term oversold according to the hourly chart, the pair consolidates near mentioned daily high and capped by former support in the 1.2880 area that now should attract selling interest if reached. In the 4 hours chart technical readings head lower in negative territory, far from oversold readings, and supporting further slides for the upcoming session. Investors eye now the 1.2660 level, past November low, as main target for current move.



Support levels: 1.2810 1.2770 1.2735



Resistance levels: 1.2880 1.2920 1.2950 



EUR/JPY Current price: 121.03


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The yen gathered momentum against most rivals after the news, with the EUR/JPY falling as low as 120.06 before quickly bouncing 100 pips. The extreme oversold readings reached in the hourly chart have been corrected, and RSI turns flat just above 30, which suggest the pair can resume its slide in the upcoming hours, as long as below 121.60 former lows and now immediate resistance. In the 4 hours charts the pair is also biased lower, pointing for a deeper downside correction of past months bullish trend.



Support levels: 120.50 119.90 119.30



Resistance levels: 121.60 122.00 122.45



GBP/USD Current price: 1.5169


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The GBP/USD lost some ground amid dollar demand, although held most of its recent gains. The hourly chart shows price below a bearish 20 SMA while indicators turn flat in negative territory, which suggest selling interested diminished around current area. In the 4 hours chart momentum bounces from the 100 level while price hovers around a still bullish 20 SMA, reinforcing the shorter term view. Risk to the downside may increase below 1.5110/20 area, while further gains will come with a recovery above 1.5220 static resistance level.



Support levels:  1.5115 1.5060



Resistance levels: 1.5190 1.5220 1.5260 



USD/JPY Current price: 94.17


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The USD/JPY reached 93.52 before finding buying interest, struggling now around hey 94.10/20 area, 38.2% retracement of these last years’ fall. The hourly chart shows 100 and 200 SMA gaining bearish slope above current price as indicators aim slightly higher till in negative territory, while in bigger time frames, technical readings are biased south. Failure to recover beyond the 94.50 area will keep the risk to the downside, while a daily close below 94.00 may see the pair extend its slide up to 92.00 over the upcoming days. 



Support levels: 93.90 93.50 93.20



Resistance levels: 94.50  94.85 95.10 



AUD/USD: Current price: 1.0458


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Commodity currencies continue to outperform against the dollar, with the pair reaching 1.0478 this Monday. The hourly chart shows indicators neutral around their midlines, while price struggles around a bullish 20 SMA, showing not much strength either side of the board at the time being. Governor Glenn Stevens will give a speech today, not particularly related to the country situation, although may affect the currency anyway. In the 4 hours chart technical readings head south in positive territory, diverging from price action that continues printing higher highs. Is still early however to call for a top, and steady gains above 1.0500 should signal another 100 pips gains towards the 1.0600 price zone.



Support levels: 1.0440 1.0410 1.0360 



Resistance levels:   1.0500 1.0550 1.0610




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