The recent bid tone lost its legs around the mark 1.0480 yesterday. The growth slowed down, the euro turned around and retested the level 1.0450 in the NA session. The resistance is seen at 1.0450, the support stands at 1.0400.
We will keep selling the EUR/USD pair if the price consolidates below 1.0450.
Sellers returned control of the flows. The pound just reversed a minor part of its recent losses being able to climb just to 1.2274. After posting a daily high the pair faced a downward rejection. The pound fell and erased its fresh gains. The current resistance is seen at 1.2300, the support exists at 1.2200.
We believe sellers will continue to dominate in the market. A clear break below 1.2200 would indicate that the bearish phase has resumed. After breaking the mentioned level we believe the 1.2100 handle will be next.
The pair was able to strengthen yesterday after a sharp sell-off on Wednesday. The yen failed to register any meaningful recovery and stepped away opening the door for the dollar. The greenback grew from the recent lows and was able to reverse some of its losses. The pair returned to 117.00 ahead of the NY session. The resistance is at 117.00, the support comes in at 116.00.
A break above 117.00 will return bulls in the driver's seat. Bulls aim to retake 118.00. A move below 116.00 will increase immediate bearish pressure. Sellers may drag prices to 115.00.
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