EUR/USD: bad data weighting

EUR/USD Current price: 1.3826

View Live Chart for the EUR/USD

The EUR/USD sunk all the way down to 1.3810 after German inflation readings missed expectations by far, increasing pressure over ECB to add some sort of stimulus to the economy. Early data from Spain and Italy was also disappointing, being German one the final blow: investors rushed to take profits out triggering stops and forcing price near the bottom of its recent range. 

Ahead of US opening, the hourly chart shows indicators with a strong bearish momentum and price well below its 20 SMA, indicating the pressure remains to the downside. In the 4 hours chart technical readings however remain in neutral territory, as the pair has traded in a 100 pips range for almost 3 weeks: further slides are likely below daily low, eyeing then critical 1.3780 static support level.

Support levels: 1.3810 1.3780 1.3730

Resistance levels:  1.3840 1.3890 1.3920 1.3965

GBP/USD Current price: 1.68132

View Live Chart for the GBP/USD

Pound extends its recovery from a daily low of 1.6790 against the greenback, reached after GDP readings shown an increase from previous readings, yet resulted below expected. The hourly chart shows a mild bullish tone with indicators heading higher above their midlines, and price standing above its 20 SMA, while the 4 hours chart shows also a timid positive tone coming from technical readings, all of which supports another leg higher, still looking for a test of 1.6870 November 2009 monthly high.

Support levels: 1.6800 1.6770 1.6745 

Resistance levels: 1.6870 1.6915 1.6960

USD/JPY Current price: 102.63

View Live Chart for the USD/JPY

 

USD/JPY found some intraday support on rising stocks, advancing up to 102.78 in the European morning, and holding so far above the 102.60 mark. The hourly chart shows indicators losing upward strength and heading lower in positive territory, suggesting a downward corrective movement may follow, towards 102.35 price zone, where 100 and 200 SMAs should offer short term support. In the 4 hours chart however, technical readings maintain a positive tone, heading higher above their midlines, limiting probabilities of a stronger slide.

Support levels: 102.60 102.35 102.00 

Resistance levels: 102.60 102.95 103.20

AUD/USD Current price: 0.9265

View Live Chart for the AUD/USD

The AUD/USD posted a lower low of 0.9237 past Asian session, capped now below the 23.6% retracement of the latest daily bullish run around 0.9275. The hourly chart shows price recovered above its 20 SMA while indicators head higher right above their midlines, diminishing the bearish pressure in the short term. In the 4 hours chart however, technical readings maintain the negative bias, with momentum heading south below its midline and 20 SMA capping the upside.

Support levels: 0.9240 0.9210 0.9170

Resistance levels: 0.9275 0.9300 0.9340

EUR/USD: bad data weighting