EUR/USD: retracing from fresh 3-day high

EUR/USD Current price: 1.3836

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With nothing to trigger the movement, the dollar entered sell off mode mid American afternoon, with the EUR/USD adding almost 100 pips in an hour. US Index broke below key 80, but stocks trade in red as tech ones tank, while gold extended its decline and approaches $1300/oz, far from anticipating this wild ride in a Monday afternoon.

The EUR/USD retraces now from a fresh 3-day high of 1.3875, stabilizing above 1.3830, and with the hourly chart showing indicators retracing some from overbought territory, reached with the extreme move. Technically however, the short term picture has turned bullish, with the 4 hours chart showing current candle opening well above its 20 SMA, and indicators heading north after crossing their midlines to the upside. 

Support levels: 1.3825 1.3780 1.3750 

Resistance levels: 1.3870 1.3910 1.3950

EUR/JPY Current price: 141.42

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The EUR/JPY was benefited by EUR run, albeit halted below the daily high set early Asia around 141.87, trading back below its 200 SMA in the hourly chart. In the same time frame, momentum turns lower right above their midlines, reflecting poor buying interest in the pair, while the 4 hours chart shows price within recent range: the upside remains contained as long as price stands below the142.00 mark, with a break below 140.40 required to confirm a bearish directional move.

Support levels: 141.20 140.80 140

Resistance levels: 141.60 142.00 142.50

GBP/USD Current price: 1.6496

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The GBP/USD was unable to sustain gains beyond the 1.6500 level, and trades right below it, where it stood for most of the day. The hourly chart shows price holding above 1.6470 Fibonacci support, tested several times all through the day, while indicators rest around their midlines, lacking direction. In the 4 hours chart the pair maintains a bearish tone, trading below a bearish 20 SMA and with indicators losing strength below their midlines. 

Support levels: 1.6470 1.6425 1.6390

Resistance levels: 1.6530 1.6565 1.6600 

USD/JPY Current price: 102.19

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The USD/JPY trades under pressure this Monday, weighted by weak data all over the world and falling stocks. Having been unable to regain the 102.50/60 area, the pair seems to be turning south ahead of Asian opening: the hourly chart shows price finding short term support around its 100 SMA, while indicators head slightly higher in negative territory, far from suggesting some upward recovery. In the 4 hours chart technical readings present a strong bearish momentum, albeit a break below 101.85 is required to confirm a new leg down. 

Support levels: 102.10 101.85 101.30 

Resistance levels: 102.60 102.90 103.40

AUD/USD Current price: 0.9126

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Trading around its US opening, the AUD/USD posted a fresh year high of 0.9148 holding to its recent gains. The hourly chart shows indicators exhausted to the upside near overbought territory, which may before some downward correction if not already completed, while 20 SMA maintains a strong upward momentum below current price. In the 4 hours chart technical readings present a clear upward momentum, with a break above 0.9167, past December high required to confirm a rally towards 0.9250/60 price zone.

Support levels: 0.9095 0.9050 0.9020 

Resistance levels: 0.9135 0.9170 0.9210

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EUR/USD: retracing from fresh 3-day high