View Live Chart for the EUR/USD
Choppy journey for the EUR/USD on Tuesday, with the pair trapped in between 1.2980 and 1.3070 levels. Stocks ended up lower, pausing the latest rally that drove US indexes to record highs. Commodities recovered some ground, but not much took place around the FX market. The EUR/USD seems however unable to hold gains and the downside remains exposed. Maintaining a neutral stance according to the hourly chart, the pair needs to clear the 1.2980 area to extend its low up to 1.2950. Below this last stops build up, so if triggered, there is scope for a test of 1.2880 area. Above 1.3070, the upside can extend up to 1.3100/10 area, where a daily descendant trend line should halt the advance.
Support levels: 1.3020 1.2980 1.2950
Resistance levels: 1.3070 1.3120 1.3160
View Live Chart for the EUR/JPY (select the currency)
The EUR/JPY extends its consolidative stage, with both currencies holding a weak stance. As comment on previous updates, the pair will likely trade range bound over the rest of the week, with the upside still favor, as yen advances are seen as buying opportunities in the crosses. The hourly chart shows 100 SMA around Tuesday low both in the 124.40 area; below this last the pair may attempt another short term leg lower, with 123.00 as probable bottom for today.
Support levels: 124.90 124.40 123.80
Resistance levels: 125.45 126.00 126.50
View Live Chart for the GBP/USD (select the currency)
Despite lack of definitions, the GBP/USD bearish trend remains intact: UK data disappointed yet again, sending the pair to test a fresh multi-year low of 1.4830, while to the upside, is having a hard time to regain the 1.4900 mark. The hourly chart shows indicators heading lower around their midlines, while price hovers around 20 SMA, overall neutral in the short term. Bigger time frames however, present a clearer bearish stance, with a break below 1.4830 exposing key static support in the 1.4750/70 area for today.
Support levels: 1.4870 1.4835 1.4810
Resistance levels: 1.4910 1.4940 1.4990
View Live Chart for the USD/JPY (select the currency)
The Japanese yen managed to grind higher, with the USD/JPY holding just above 95.80 static support area. Although the long term bias is still to the upside, the short term view is bearish, with indicators heading south below their midlines. 100 SMA around 95.50 comes as strong intraday support: if below, the slide may extend up to the 94.80 price zone today. As per the longer term, 94.00 comes as the key support to follow, as the level stands for the 38.2% retracement of the last years’ fall.
Support levels: 95.50 95.20 94.80
Resistance levels: 96.20 96.70 97.20
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