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CURRENCIES TECHNICAL ANALYSIS January.18

Euro

The euro took advantage of the US dollar weakness and extended its gains on Tuesday. Buyers had been pushing the price upwards during the day. The spot broke 1.0650 in the Asian trades and kept growing afterwards. The pair tested the level 1.0700 in the European session but failed to retake it. The resistance is seen at 1.0700, the support stands at 1.0650.

As the most probable scenario, we consider further moving upwards towards the level at 1.0750. We do not rule out a correction after yesterday’s rally. The EUR/USD may ease to 1.0650.



Pound

The pound opened green vs. the dollar. The pair broke the level 1.2100 in the Asian session. The spot accelerated its growth during the European hours. The Cable broke 1.2200, 1.2300 and touched 1.2400 during the European session. The current resistance is seen at 1.2400, the support lies at 1.2300.



We expect a roll back to 1.2250 region after Tuesday's rally.

Yen

The price remained in a descending channel on Tuesday. The USD/JPY pushed away from 114.00 in the Asian session and reached 113.00 in the European one. The 113.00 level appeared to be a hard obstacle which slowed the US dollar losses. However, a fresh bout of selling pressure pushed the price lower in the NA session. The resistance is at 113.00, the support comes in at 112.00.

A move below 113.00 will confirm sellers' strength. In this scenario bears may drive prices towards 112.00.

 

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