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CURRENCIES TECHNICAL ANALYSIS February.2

Euro

Bulls met a barrier in the 1.0800 region. Inability to retake the level reinforced sellers who pushed the price lower in the NY session. Despite the recent sell-off the EUR/USD maintained its bullish structure. The resistance comes in at the level 1.0800, the support lies at 1.0750.

If the downward momentum persists sellers will break 1.0750, en route to 1.0700.



Pound

The GBP/USD pair was under buying pressure in the European session on Wednesday. Buyers pushed prices to the 1.2600 hurdle and successfully broke it in the European session. The spot extended its bullishness afterwards. The resistance exists at the level 1.2700, the support stands at 1.2600.

If the price stays above 1.2600 buying pressure will increase. Bulls might force the pair to resume its upward trajectory towards 1.2700. A break below 1.2600 will ease the current upward pressure.



Yen

USD/JPY maintained its bullish tone on Wednesday. The pair opened the day in green and extended its gains in the European session. The spot managed to test 114.00 in the early NA session. The resistance is at 114.00, the support comes in at 113.00.

If the USD/JPY fixates above the level 114.00 the price will edge higher towards 114.50. A rebound here will return the pair to the 113.00 handle.

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