The euro edged lower during the Asian and European sessions on Tuesday. Sellers moved the price from 1.0400 towards the 1.0350 handle. Sellers, however, failed to retake the level and the price bounced off it. Buyers managed to reverse almost all its losses by the end of the trades. The resistance is seen at 1.0400, the support stands at 1.0350.
We will keep selling the euro until it stays below 1.0450. A move below 1.0350 will open the way towards 1.0300.
The technical picture presented a bearish tone on Tuesday. Sellers pushed the pound from 1.2400 towards 1.2300. After touching the level prices rolled back and erased a minor part of the recent losses. The current resistance is seen at 1.2400, the support exists at 1.2300.
The pound is likely to extend its losses in the short-term. The ongoing recovery could be attributed to some profit taking after a recent drop. Once we break below the 1.2300 level, we think that the 1.2200 level will be next. At the same time a move above the current resistance will trigger another leg higher towards 1.2450.
The ascending channel remained intact on Tuesday. Bulls made another attempt to reclaim 118.00 barrier but failed. The price just tested the level and slightly rolled back after that. The resistance is at 118.00, the support comes in at 117.00.
We maintain our positive outlook for the pair. A break above 118.00 will reinforce buyers’ positions who may lead the price to 119.00. Inability to make higher may ease buying interest and cause some profit taking.
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