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CURRENCIES TECHNICAL ANALYSIS January.12

Euro

The market turned bullish after the Trump’s press-conference. The price bounced off the 1.0450 handle and rallied through 1.0500 and 1.0550 in the mid-US session. The EUR/USD pair touched the level 1.0600 in the late US session. The resistance comes in at the level 1.0600, the support lies at 1.0550.

If an upward pressure persists the spot will extend its gains further. Should the pair consolidate above 1.0600, buyers will lead the price towards 1.0650.



Pound

The GBP/USD pair faced an upward rejection after posting a daily low at 1.2040. After touching the mark the spot rolled back and continued growing afterwards. The GBP/USD broke 1.2100 and 1.2200 and headed towards 1.2300 in the late US session. The resistance exists at the level 1.2300, the support stands at 1.2200.

A move above 1.2300 will increase buyers’ strength. Buyers may push prices towards 1.2400.



Yen

The USD/JPY pair turned bearish in the NY session after Trump’s press-conference. An attempt to recover stalled around 117.00 where the price turned around. The spot sharply dropped to 114.00 through 115.00. However, the US dollar was able to reverse some of its losses and returned above 115.00. The resistance is at 116.00, the support comes in at 115.00.

A break below 115.00 will strength sellers’ positions. In this scenario sellers will lead the price to the 114.00 and 113.00 support levels.

 

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