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CURRENCIES TECHNICAL ANALYSIS January.31

Euro

The common European currency turned negative on Monday. The euro gapped upwards at the daily open, however, the spot failed to maintain its bid tone. After posting a daily high at 1.0740 the pair turned around and sharply dropped. Sellers had broke 1.0700 and pierced 1.0650 by the NY opening. After piercing 1.0650 the euro grew back reversing a minor part of its losses. The current resistance is seen at 1.0700, the support lies at 1.0650.

Short term bias indicates selling interest. A break below the 1.0650 handle will open the way towards 1.0550.



Pound

The GBP/USD faced downside pressure on Monday. The Cable gapped upwards and tested 1.2600 in the Asian session. The level, however, rejected the pound sending the spot back to 1.2500. This handle halted sellers’ further advance in the North American session. The resistance is at 1.2600, the support comes in at 1.2500.

If the GBP/USD pair gets below 1.2500 sellers may test 1.2400 in the coming sessions.



Yen

The USD/JPY pair traded mixed on Monday. The pair gapped lower at the weekly open and reached the level 114.25 in the Asian session. After touching the mark a selling pressure faded, buyers seized the market and reversed some losses pushing the spot to the opening price – 115.00. Having touched the level 115.00 bulls gave up their gains giving the way to sellers. Bears dragged the price downwards refreshing the daily low at 114.15. 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. Our profit target will be 113.00 in this case. Any move above the immediate resistance would increase chances of reviving buying interest.

 

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