EUR/USD: waiting for FED's officers

EUR/USD Current price: 1.0725

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The common currency trades a few pips above the 1.0700 level against the greenback, having been as low as 1.0690 during the European morning, amid ECB Draghi's comments on economic policy. The head of the European Central Bank, reaffirmed that they are willing to review their ongoing stimulus program by December, pretty much anticipating an extension  of facilities before year end.  He also highlighted the downward risk of inflation in the region, in a speech before European lawmakers. The EUR/USD pair bounced some after the news, but remains in the lower side of its weekly range, ahead of the US session. In America, several FED officers including Yellen, are scheduled to speak, and investors will be looking there for clues on whether a rate hike in December is more likely.

In the meantime the EUR/USD 1 hour chart shows that a mild negative tone prevails, as the price is below its 20 and 100 SMAs, both around 1.0750, whilst the technical indicators hold below their mid-lines, albeit lacking directional strength. In the 4 hours chart, the price is below a flat 20 SMA, while the technical indicators present limited bearish slopes below their mid-lines. Despite the lack of bearish momentum, the downside is favored,  with a break below the mentioned daily low opening doors for a decline towards fresh monthly lows.

Support levels: 1.0690 1.0650 1.0620 

Resistance levels: 1.0750 1.0785 1.0810 

GBP/USD Current price: 1.5183

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The GBP/USD pair advanced up to 1.5248 during the Asian session, meeting selling interest around the strong static resistance level. There were no macroeconomic releases in the UK, and the pair turned south early in the European session, breaking below the 1.5200 level on broad dollar strength. Holding near the daily low set at 1.5173, the pair is being contained by the 23.6% retracement of its latest bullish move around 1.5195, and the 1 hour chart shows that the price is below a directionless 20 SMA whilst the technical indicators head south below their mid-lines, all of which favors additional declines. In the 4 hours chart, the price remains well above a bullish 20 SMA, while the technical indicators are losing upward strength, but hold above their mid-lines, limiting the downside as long as the price holds above 1.5160, the 38.2% retracement of the same rally. 

Support levels: 1.5160 1.5135 1.5110 

Resistance levels: 1.5195 1.5220 1.5250 

USD/JPY Current price: 122.97

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Lower in range. The USD/JPY pair maintains its neutral stance, having been consolidating below the 123.00 level, ever since the day started. The pair however, set a lower low daily basis  at 122.73 before bouncing some. Nevertheless, the pair lacks directional strength as the 1 hour chart shows that the price is trading a few pips below a 100 SMA while the technical indicators are losing their upward strength above their mid-lines. In the 4 hours chart, however, the technical indicators are turning south below their mid-lines after a limited upward correction, increasing the risk of a bearish run on  a break below the 122.50 level. 

Support levels: 122.80 122.50 122.20 

Resistance levels: 123.10 123.45 123.80 

AUD/USD Current price: 0.7116

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The Australian dollar skyrocketed after the release of much better-than-expected local employment figures, resulting in the AUD/USD reaching a daily high of 0.7153.  According to official data, the country added 58,600 new jobs in October, way out of the average, whilst the unemployment rate fell to 5.9%. The headline is really hard to believe, but anyway the reading was enough to boost the pair by 100 pips.  Broad dollar strength is triggering a downward corrective movement in the pair, although the 1 hour chart shows that the price is holding above a strongly bullish 20 SMA and that the technical indicators have turned flat in positive territory after correcting overbought readings, limiting chances of further declines. In the 4 hours chart, the pair is retreating from its 200 EMA, whilst the technical indicators are turning lower in but are still above their mid-lines. Only below 0.7100, the pair can extend its bearish intraday move, down to the 0.7030 region on a strong dollar's advance. 

Support levels: 0.7100 0.7070 0.7030 

Resistance levels: 0.7150 0.7190 0.7240