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CURRENCIES TECHNICAL ANALYSIS January.20

Euro

The EUR/USD traded mixed on Thursday. Buyers were pushing the euro upwards the first part of the day. The pair grew up to 1.0670 where the spot ran through fresh offers. The price turned around after touching the mentioned mark and began losing its value in the NY session on Thursday. Traders broke 1.0650 and tested 1.0600 in the beginning of the NA session. The 1.0600 level once again rejected the price which bounced of the level and erased all daily losses in the late trades. The resistance is seen at 1.0700, the support stands at 1.0650.

The euro may extend its losses if it breaks below 1.0600. We consider the negative scenario as an alternative. The euro will remain strong as long as it stays above 1.0500.



Pound

The pound remained under pressure on Thursday. Buyers had no strength to climb beyond 1.2300. The pair faced a downward rejection after testing the level. The Cable traded around the level during the day. The current resistance is seen at 1.2400, the support exists at 1.2300.

If sellers move below the 1.2300 level the GBP/USD pair may extend its losses towards 1.2100. Despite some negative sentiments the market is still bullish. Bulls will keep pushing the price upwards as long as it stays above 1.2300.



Yen

Fresh bids around 115.00 helped the spot to reverse some of its recent losses yesterday. The pair bounced off 114.40 in the Asian session and rallied through 115.00 during the European one. The spot maintained its upward trajectory during the NY session. The pair approached 116.00 when it unexpectedly changed its direction and sharply dropped to 114.80. The resistance is at 115.00, the support comes in at 114.00.

The price is heading towards 114.00 handle. Once we break below the level, we think that the 113.00 mark will be next.

 

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