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CURRENCIES TECHNICAL ANALYSIS February.1

Euro

Bulls are back in town. The euro extended its near-term bullish momentum on Tuesday. The price was slowly growing in the early trades and accelerated its growth ahead of the NY opening. The spot pushed away from 1.0700, broke 1.0750 and tested 1.0800 during the evening trades. The resistance is seen at 1.0800, the support stands at 1.0750.

If the upward pressure persists the EUR/USD pair is likely to retake 1.0800 in the nearest time. We do not rule out a pull back on profit-taking.



Pound

Buyers seized control and pushed the pound upwards. The cable pushed away from 1.2400 and rallied through 1.2500 towards 1.2600.  The current resistance is seen at 1.2600, the support lies at 1.2500.

Bulls met a barrier around 1.2560. If they succeed to break it through they may try to push the pair higher towards 1.2600.



Yen

The Japanese currency maintained control of the flows. The bearish momentum was strong enough to push the spot lower. The price dropped from 114.00 towards 112.00 during the course of the day. The resistance is at 113.00, the support comes in at 112.00.

The 112.00 hurdle appeared to be a hard nut to crack. To resume its downbeat momentum sellers need to retake the level. Otherwise a fresh buying interest may lead prices back to 113.00.

 

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