CURRENCIES TECHNICAL ANALYSIS January.06

Euro

The EUR/USD traded mixed on Thursday. The price was up in the Asian session, down during the European hours and returned to growth in the NY session. The price was fluctuating between 1.0550 and 1.0500 during the day. The resistance is seen at 1.0550, the support is at 1.0500.

We believe a break above 1.0550 will trigger another leg higher. Buyers may lead prices to 1.0600.

Pound

The pound maintained control of the flows on Thursday. After the recent recovery buyers do not hurry to give up their gains. The GBP/USD stayed above 1.23 battling with the level during the day. The current resistance is seen at 1.2400, the support exists at 1.2300.

A break below 1.2300 will extend a downward momentum. The price may fall to the 1.2200 handle.

Yen

The upward trend remained intact on Thursday. Despite the overall positive sentiment a fresh selling interest drove the price lower. The yen took advantage of the current US dollar weakness and reversed some of its losses. Sellers broke 117.00 and moved to 116.00 handle where they spend the day. The resistance is at 117.00, the support comes in at 116.00.

If the pair breaks below 116.00 we expect to see renewed bearish pressure. Sellers may lead prices to 115.00.

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