The EUR/USD pair held a bullish tone on Tuesday. The euro grew above the dollar, extending its short-term bullish momentum. The pair strengthened towards 1.1050 where the upward impetus faded. The resistance is seen at 1.1050, the support stands at 1.1000.
The pair is overbought and we expect a roll back in the short-term. An upcoming recovery could be attributed to some profit taking from bulls after a sharp rally on Tuesday.
The pound failed to hold onto its gains and edged lower on Tuesday. The pair consolidated during the day, staying near the upper end of the consolidation range. The current resistance is seen at 1.2300, the support exists at 1.2200.
The overall picture remains negative. We expect further sideways trades in the coming sessions.
The USD/JPY closed bearish yesterday. The yen maintained control of the flows during the day. Sellers pushed the price lower, breaking through 104.50 and testing the 104.00 level. The resistance is at 104.50, the support comes in at 104.00.
The price met a barrier around 104.00. Once we break below the level, we think that the 103.50 mark will be next. As the pair is slightly oversold we expect bears' profit taking towards 104.50.
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