EUR/USD, GBP/USD, USD/JPY: quietness to extend into next week
EUR/USD Current price: 1.2198
The EUR/USD pair trades in a narrow area this Wednesday, the last active day in Europe until next week. The holiday mood keeps volumes at their lows, something that would likely extend into the upcoming hours. There were no records in the EZ but in the US weekly joblessness claims dropped off to 280K, helping the greenback recover some position.
The EUR/USD pair surged to a daily high of 1.2219 on the back of some profit taking, but turned reverse below 1.2200 where it stands. The short term technical pattern is gentle bullish as the 1 hour chart confirms price above its 20 SMA and indicators in positive area, meaning extra profit taking may help the pair higher.
However, the leading bearish trend overcomes and the first line of sellers may surge on approaches to 1.2240, previous year low.
Support levels: 1.2160 1.2130 1.2100
Resistance levels: 1.2240 1.2285 1.2310
GBP/USD Current price: 1.5549
The GBP/USD pair proceeds from in this slight Tuesday, floating around its daily high of 1.5556 preceding US sessions.
The 1 hour chart confirms buyers surged on an intraday test of its 20 SMA, now offering instant support around 1.5525, though indicators target higher over their midlines.
In the 4 hours chart however, indicators continue below their midlines, even as 20 SMA keeps a strong bearish slope, heading lower above existing price and acting as dynamic resistance at 1.5581.
Support levels: 1.5525 1.5485 1.5440
Resistance levels: 1.5556 1.5690 1.5615
USD/JPY Current price: 120.43
The USD/JPY eased some early Asia, but traded smooth ever since in a tight 10 pips variety around current level. US stocks opened a little higher, maintaining the risk to the upside even though current lack of life.
Technically, the 1 hour chart shows 100 SMA advanced further now as long as support around 119.80, even as indicators remain flat around their midlines.
In the 4 hours chart indicators had twisted lower from overbought levels but remain in positive area, even as the price holds above the 120.00 mark.
Support levels: 120.10 119.80 119.50
Resistance levels: 120.85 121.10 121.40