EUR/USD: aiming to test 1.3780

EUR/USD Current price: 1.3761

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The EUR/USD sunk to a fresh monthly low of 1.3704 in the European morning, following disappointing European inflation readings. But ahead of US opening, the pair accelerates higher, regaining the 1.3750 level at the time being. The hourly chart shows price accelerating above its 20 SMA as indicators hover around their midlines, showing not actual strength at the time being. In the 4 hours chart technical readings maintain a clear bearish tone, with 20 SMA heading lower and converging with the Fibonacci resistance around 1.3780: the level should contain the upside in the short term, yet a recovery above it will likely discourage sellers and trigger further gains for today.

Support levels:  1.3710 1.3660 1.3620

Resistance levels: 1.3780 1.3825 1.3875

GBP/USD Current price: 1.6632

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Pound extends its consolidation against the greenback, holding above 1.6600 price zone, yet so far unable to advance beyond the weekly high of 1.6646 posted yesterday. The hourly chart shows technical readings in positive territory, but pretty neutral at the time being, while the 4 hours chart shows indicators losing upward strength but also holding above their midlines: price needs to break above mentioned weekly high to extend its advance today, with the downside limited in the short term by 1.6550 static support zone.

Support levels: 1.6590 1.6550 1.6510

Resistance levels: 1.6645 1.6690 1.6720

USD/JPY Current price: 102.39

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The USD/JPY advances this Friday, supported on rising stocks in Asia, nearing key 102.50/60 resistance zone. The hourly chart shows price accelerated above its moving averages, but both remain flat and quite near, reflecting the lack of strength either side of the board. Indicators in the same time frame present a mild bullish tone, but as the pair trades within the weekly range, taking positions either side of the board continues to be too risky.  

Support levels: 102.10 101.85 101.30 

Resistance levels: 102.60 102.90 103.40

AUD/USD Current price: 0.9247

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Australian dollar eases some against the greenback, having flirted with 0.9300 over Asian hours. The AUD/USD hourly chart shows price below its 20 SMA and indicators heading lower below their midlines, yet price refuses to extend its slide, and the overall bullish tone of the pair seen in bigger time frames, suggests current bearish movement is barely corrective. 

Support levels: 0.9210 0.9170 0.9110 

Resistance levels: 0.9260 0.9300 0.9345

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EUR/USD: aiming to test 1.3780