EUR/USD: It's all about a Grexit

EUR/USD Current price: 1.1223

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The EUR/USD pair has accelerated its decline ahead of the US opening bell, after having been as high s 1.1329 early in the European opening. In the data front, German inflation meet expectations in May, matching April readings, although the ZEW sentiment survey came much worse than expected, as uncertainty over Greece future within the EU weighed on the outlook of the local economic situation. The pair accelerated its decline as Greek PM Tsipras addressed to the Parliament, saying that creditor's proposals will lead to a deeper recession.  The down beating tone of his speech, is adding to a press conference being given by German Chancellor Angela Merkel, saying that there are no chances of a deal coming before Thursday. 

The EUR/USD pair flirted with the 1.1200 level, before the release of US housing data. Building Permits rose to its highest since 2007, albeit housing starts fell 11.1% in May vs. est. -4%. The dollar came under some limited pressure after the release, with the pair bouncing its low but maintaining a bearish tone in the short term, as the 1 hour chart shows that the price remains below its moving averages, whilst the technical indicators head south in negative territory. In the 4 hours chart, the price is now below  a mild bearish 20 SMA, whilst the Momentum indicator remains flat around the 100 level, and the RSI indicator anticipates additional declines, heading lower around 45. 

Support levels: 1.1200 1.1160 1.1120

Resistance levels: 1.1245 1.1290 1.1330 

GBP/USD Current price: 1.5618

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The bullish tone of the British Pound is quite undeniable this Tuesday, as the GBP/USD quickly recovered from a daily low set at 1.5541 after the release of tepid UK inflation figures. Yearly basis, May CPI surged as expected 0.1% against previous -0.1%, but the rest of the readings alongside with the PPI figures, resulted quite disappointing. Nevertheless, the GBP/USD pair shrugged off the data, and regained the 1.5600 level, having so far advanced up to 1.5640, and with the 1 hour chart showing that the price holds above a bullish 20 SMA, albeit the technical indicators turned lower after crossing their mid-lines to the upside. In the 4 hours chart, the technical picture is more constructive, with the pair bouncing sharply earlier in the day from a strongly bullish 20 SMA, whilst the technical indicators head north in positive territory, supporting additional advances on a break above1.5640 the immediate intraday resistance. 

Support levels: 1.5590 1.5440 1.5490

Resistance levels: 1.5640 1.5675 1.5710

USD/JPY Current price: 123.39

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The USD/JPY pair trades uneventfully in quite a limited range, still holding a few pips above the 123.30 support area. The short term picture is neutral-to-bearish, with the price pressuring its 100 SMA and the technical indicators turning south in neutral territory. In the 4 hours chart, the price remained capped by its 100 SMA, whilst the technical indicators also turned lower around their mid-lines, supporting a downward continuation particularly on a downward acceleration below the mentioned 123.30 level. 

Support levels: 123.30 122.80 122.45

Resistance levels: 123.80 124.10 124.45 

AUD/USD Current price: 0.7747

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The AUD/USD pair trades within a familiar range this Tuesday, finding buyers on deeps towards the 0.7700 region, but contained blow 0.7780 a strong resistance level. The 1 hour chart shows that the price is advancing towards a bearish 20 SMA, whilst the technical indicators head higher below their mid-lines, suggesting there's not enough upward momentum to confirm additional advances. In the 4 hours chart, the price is trading between horizontal moving averages, whilst the technical indicators are bouncing from their mid-lines, helping at least, to keep the downside limited. 

Support levels:  0.7740 0.7700 0.7660 

Resistance levels: 0.7780 0.7830 0.7880