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CURRENCIES TECHNICAL ANALYSIS January.17

Euro

The common European currency turned negative on Monday. The euro gapped downwards at the daily open and suffered new losses during the European session. Sellers moved the price to 1.0600 and held the spot around the handle during the NA session. The current resistance is seen at 1.0650, the support lies at 1.0600.

The 1.0600 level limited euro further losses. A break below the handle will open the way towards 1.0550. Alternatively, a daily close above 1.0650 will ease the downward pressure sending the EUR/USD pair back to 1.0700.

Pound

The GBP/USD faced further downside pressure on Monday. The Cable gapped downwards and jumped below 1.2100 at the daily open. Buyers reverted some losses and returned the price to 1.2100 during the European hours. However, a fresh bout of selling pressure around the hurdle weighed on the pound sending it to 1.2000. The resistance is at 1.2100, the support comes in at 1.2000.

If the GBP/USD pair remains below 1.2100 sellers may test 1.2000 in the coming sessions. A move below the level will increase the downward momentum sending prices towards 1.1900.

Yen

The USD/JPY pair was neutral/negative on Monday. The pair gapped lower at the daily open and reached the level 114.00 in the Asian session. The price stayed around the level during the day. The resistance is seen at 115.00, the support stands at 114.00.

A daily close below 114.00 will put on hold bulls’ plans. A break here will send prices towards 113.00. Any move above the immediate resistance would increase chances of testing the 116.00 level.

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