The EUR/USD pair maintained a bearish tone on Thursday. The euro weakened against the dollar, extending its short-term bearish momentum on yesterday’s trades. The pair slightly recovered and tested the level 1.0950 in the Asian session but after testing the level prices dropped lower and reached 1.0850 post-American open. The resistance is seen at 1.0950, the support stands at 1.0900.
The pair is oversold and we expect a roll back in the short-term. An upcoming recovery could be attributed to some profit taking from sellers after a recent sharp drop.
The pound closed bullish yesterday. After a brief consolidation during the European session the price rallied and was able to test the monthly high at 1.2500. After testing the level prices moved higher and refreshed a monthly high at 1.2591. The current resistance is seen at 1.2600, the support exists at 1.2500.
If buyers consolidate above 1.2500 the pair may extend its gains towards 1.2600. Otherwise, the GBP/USD will roll back to 1.2450.
The USD/JPY closed bullish yesterday. The dollar maintained control of the flows during the day. Buyers pushed the price higher, breaking through 106.00 and 106.50 and testing the 107.00 level. Bulls failed to retake the level and the USD/JPY pair retreated from fresh highs staying in its area afterwards. The resistance is at 107.00, the support comes in at 106.50.
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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