EUR/USD Current price: 1.3569
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The EUR/USD continues to slide after US GDP readings posted 3.2% as expected, but weighted by a quite negative German CPI reading, down to -0.6% and putting the EU one step closer to deflation. The hourly hart shows a strong downward momentum, with indicators entering oversold territory, while 20 SMA gains bearish slope well above current price. In the 4 hours chart technical readings also present a strong bearish tone, with a break below 1.3550 exposing the pair to a test of the 1.3500 area.
Support levels: 1.3550 1.3510 1.3470
Resistance levels: 1.3590 1.3630 1.3675
GBP/USD Current price: 1.6502
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The GBP/USD recovered from a daily low of 1.6444, albeit struggling to hold the 1.6500 area, and maintaining the negative tone according to the hourly chart, as price stands well below moving averages, while indicators corrected oversold readings but hold in negative territory. In the 4 hours chart price held above 200 EMA, while indicators are barely correcting oversold readings. The risk to the downside remains as long as price remains below 1.6510/20 area, with renewed selling pressure below 1.6470 will likely lead to a test of 1.6425, mentioned EMA.
Support levels: 1.6470 1.6425 1.6380
Resistance levels: 1.6520 1.6550 1.6600
USD/JPY Current price: 102.64
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Risk aversion eased somehow this Thursday, helping USD/JPY recover up to current 102.60 price zone albeit the pair seems now a bit reluctant to extend gains. The hourly chart shows price struggling around a still bearish 100 SMA, while indicators stand in positive territory, albeit losing upward strength. In the 4 hours chart, the bearish pressure prevails with moving averages well above current price and indicators in negative territory, suggesting current upward corrective movement may be over.
Support levels: 102.40 101.75 101.40
Resistance levels: 102.75 103.10 103.50
EUR/USD: selloff extending
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