The EUR/USD continues its unstoppable slide, as risk of a Greek bankruptcy, and doubts about its euro zone membership smash investors’ confidence. The EUR/USD hourly chart shows that despite extreme oversold readings, the bearish momentum remains strong, with the pair approaching the 61.8% retracement of the latest bullish daily run, at 1.3550, next strong support. 4 hours chart indicators are also showing extreme oversold readings, yet no signs of easing or reversals at this point. US opening may exacerbate the slide if stocks sunk.
Support levels: 1.3610 1.3580 1.3550
Resistance levels: 1.3650 1.3690 1.3730
The GBP/USD finally gave up to risk sentiment, reaching a daily low of 1.5890 despite better than expected GDP data. Struggling around 1.5900, hourly momentum heads south while 20 SMA bearish slope is quite strong, keeping the pair under pressure. 4 hours chart shows indicators losing recent bearish momentum, although the bearish tone dominates the pair. 1.5850 seems a quite strong level, so if it finally gives up, the bearish trend may set for the upcoming days.
Support levels: 1.5890 1.5850 1.5810
Resistance levels: 1.5960 1.5990 1.6025
The USD/JPY has stabilized just above the 38.2% retracement of the post intervention rally, going back to trade in a very limited intraday range. Hourly chart shows indicators flat and price around a flat moving average, as investors don’t dare for now to buy the Japanese currency. 4 hours chart shows a limited bullish tone, yet with current risk aversion environment, the upside will probably remain limited also, keeping the pair in a limited range.
Support levels: 78.00 77.70 77.45
Resistance levels: 78.35 78.60 79.00
Dollar gains favored a strong recovery in USD/CHF that added almost 200 pips today, sending hourly indicators to overbought levels. The strong bullish momentum however, is also clear in bigger time frames, suggesting more gains to come with limited bearish corrective movements in the middle. 0.9000 strong psychological resistance however, won’t be easy to overcome today.
Support levels: 0.8910 0.8870 0.8840
Resistance levels: 0.8960 0.9000 0.9040
New to forex? Visit our Glossary!
Today you will find the term, Principle of Representation.
 |
"Simply a Must Read for Every Serious Forex Beginner" Available at Amazon Now also for Kindle
|
