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CURRENCIES TECHNICAL ANALYSIS January.26

Euro

The EUR/USD pair remained neutral being confined to the tight range between 1.0720 and 1.0750. The price went back and forth in the sideways being unable to choose direction on Wednesday. The resistance is seen at 1.0750, the support stands at 1.0700.

Range trading is expected to continue in the short-term.



Pound

The tone is still positive in the market. The pound faced further buying pressure and moved higher during the day. The GBP/USD pair rebounded from 1.2500 in the early European trades and rallied to 1.2600. The rate reached the hurdle ahead of the NY session opening and after a brief pause broke the level. The current resistance is seen at 1.2700, the support exists at 1.2600.

A sharp breakout above 1.2600 could spark a further growth towards 1.2700. If the level holds the GBP/USD pair may decline to the 1.2500 area.



Yen

The pair traded sideways yesterday. The price was in-between 114.00 and 113.00. An attempt to recover faded away after touching 114.00. The spot bounced off the level and dropped to 113.00. The resistance exists at the level 114.00, the support comes in at 113.00.

The price eyes a support at 113.00 loss of which would trigger further sellers’ gains towards 112.50.

 

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