EUR/USD Current price: 1.3735
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Market was driven mostly on sentiment this Monday, with the EUR/USD surging up to 1.3770 on the back of encouraging European data, before dollar attempted an advance across the board, quickly reversed amid S&P surging to fresh record highs. Currencies reaction to risk appetite however, was pretty limited as the EUR/USD ends the US session mostly unchanged from past Sunday opening, while yen crosses failed to rally.
Technically the EUR/USD hourly chart maintains a neutral stance, giving no clear clues on direction, as per price moving back and forth around a flat 20 SMA and indicators stuck around their midlines. But the overall trend is still bearish, with dips seen as buying opportunities as proved by price action. In the 4 hours chart the technical outlook is also neutral with a break either above 1.3780 or below 1.3680 required to confirm some directional move.
Support levels: 1.3720 1.3680 1.3650
Resistance levels: 1.3740 1.3780 1.3830
EUR/JPY Current price: 140.79
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The EUR/JPY traded range bound as all yen crosses unable to follow stocks’ momentum, and despite yen’s inducted weakness by BOJ. Intraday unchanged, the hourly chart shows a slightly positive tone, as per indicators holding in positive territory, and price finding intraday support around its 100 SMA, currently around 140.50. In the 4 hours chart the pair presents a slightly bullish tone, yet only steady gains beyond 141.20 should signal an upward continuation towards the 142.00 figure.
Support levels: 140.40 139.85 139.20
Resistance levels: 141.20 141.70 142.30
GBP/USD Current price: 1.6654
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Pound has been again under pressure, finding indeed short term buyers on slides, but posting lower lows and lower highs daily basis ever since reaching 1.6820 past February 17th. The GBP/USD hourly chart shows buyers surged around the 38.2% retracement of its latest bullish run at 1.6603, with the lowest spike reaching 1.6582; price recovered now above its 20 SMA that anyway remains flat, while indicators are turning horizontal around their midlines, giving no signs of strength at the time being. In the 4 hours chart, price is being capped by a bearish 20 SMA while indicators stand in neutral territory, also lacking strength. Unless a clear advance beyond 1.6685, 23.6% retracement of the same rally, the upside seems limited, with a break above favoring a run towards 1.6745
Support levels: 1.6590 1.6550 1.6510
Resistance levels: 1.6640 1.6685 1.6745
USD/JPY Current price: 102.48
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The USD/JPY stands unchanged from the last update, hovering around its daily opening of 102.46 after reaching a daily low of 102.15 past Asian session, where the hourly 200 SMA acted as dynamic support. Ahead of Asian opening, the hourly chart shows indicators in positive territory and price above moving averages, albeit price eases from its daily high of 102.59. In the 4 hours chart technical indicators present a slightly bullish tone, yet 102.80 remains a strong static resistance area, and unless a clear advance beyond it, the upside will remain limited. Chances of such rally depend on Nikkei’s behavior and its ability to run following its oversea partners.
Support levels: 102.30 102.00 101.60
Resistance levels: 102.80 103.20 103.60
AUD/USD Current price: 0.9041
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Aussie took advantage of stocks rally, surging against the greenback to a fresh 4 day high of 0.9047, standing right below it ahead of Asian opening. The AUD/USD hourly chart shows most of the gains came in the US session, leaving indicators exhausted in overbought territory, but price firm well above its moving averages. In the 4 hours chart indicators show a more lively upward momentum that support another run north in the pair, particularly if price is able to overcome the 0.9060 static resistance level.
Support levels: 0.9020 0.8980 0.8935
Resistance levels: 0.9060 0.9100 0.9150
EUR/USD: upside still limited
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