EUR/USD: mild bullish pressure

EUR/USD Current price: 1.3761

View Live Chart for the EUR/USD

The EUR/USD presents a slightly positive tone, gapping to the upside in this Sunday albeit some talking coming from Germany: after reviving the possibility of a rate hike or even some sort of QE last week, this time ECB Weidmann said the euro zone is not in a deflationary cycle and that the Central Bank should not overreact to a slowdown in inflation. The pair stands barely above the 1.3750 support area, with the hourly chart showing price above a flat 20 SMA and indicators heading higher from above their midlines. In the 4 hours chart however, the mild bearish tone seen over the past few days prevails, with indicators in negative territory and 20 SMA heading lower above current price, offering short term resistance in the 1.3780 price zone. Ahead of ECB meeting later this week, the pair should remain within range albeit a break below 1.3660 strong static support may trigger some stops and see a downward acceleration towards the 1.36 figure. 

Support levels:  1.3750 1.3710 1.3660 

Resistance levels: 1.3780 1.3825 1.3875

EUR/JPY Current price: 141.63

View Live Chart for the EUR/JPY

Yen opened the week a tad lower against its rivals, with the EUR/JPY testing fresh 5 days high in the 141.70 area. The hourly chart shows a strong upward momentum, with CCI turning north in positive territory, and price well above moving averages, albeit these lasts remain flat reflecting no real directional strength. In the 4 hours chart technical readings present a clear bullish tone with 142.00 as immediate resistance level to break to confirm an upward continuation

Support levels: 141.20 140.80 140.40 

Resistance levels: 142.00 142.50 143.00

GBP/USD Current price: 1.6646

View Live Chart for the GBP/USD

Pound advances above past week high against the greenback, with the GBP/USD presenting a strong upward momentum in the short term as the hourly chart shows indicators heading higher in positive territory as 20 SMA gains bullish slope below current price. In the 4 hours chart indicators lose strength, turning flat in overbought levels, while 20 SMA heads strongly up bellow current price, all of which supports an upward continuation for the upcoming sessions. Key support comes at 1.6600 and as long as above, bulls will maintain the lead, looking for a test of 1.6720 strong static resistance level. 

Support levels: 1.6625 1.6590 1.6550 

Resistance levels: 1.6690 1.6720 1.6750

USD/JPY Current price: 102.91

View Live Chart for the USD/JPY

The USD/JPY flirts again with the 103.00 level, trading near the top of this month range, and still bullish in the short term after Friday’s break higher. Further upward momentum will depend on Nikkei’s behavior, as if the index extends its recovery, so will the pair: steady gains beyond 103.10 should signal a probable test of this month high of 103.85, albeit further gains seem tougher, as the pair presents the 61.8% retracement of its latest slide around it. 

Support levels: 102.60 102.10 101.85

Resistance levels: 103.10 103.40 103.85

AUD/USD Current price: 0.9247

View Live Chart for the AUD/USD

Aussie trades steady against its American rival, presenting a mild bearish tone in the short term, as per price developing below its 20 SMA in the hourly chart, as indicators head lower below their midlines. In the 4 hours chart indicators turned lower and approach their midlines, while price founds support in a still strongly bullish 20 SMA now around 0.9230. As long as above this last, the downside seems pretty well limited, with a break above 0.9260 required to see an upward extension today.

Support levels: 0.9210 0.9170 0.9110 

Resistance levels: 0.9260 0.9300 0.9345

Follow our EUR USD, GBP USD, USD JPY, USD CHF and USD CAD daily updates.

EUR/USD: mild bullish pressure