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CURRENCIES TECHNICAL ANALYSIS February.3

Euro

The euro extended the vertical rise on Thursday. Bulls pushed the price to 1.0800 in the early trades. The major flirted with the level for a while and finally broke it in the early European trades. However, buyers failed to advance beyond the level and returned to the handle in the NY session. The resistance is seen at 1.0850, the support stands at 1.0800.

We will keep buying the euro until it stays above 1.0650. The next profit target will be at 1.0850.



Pound

Bulls managed to climb to 1.2700 in the Asian session on Thursday. The spot ran through fresh offers around the level and sharply dropped after touching it. The price broke 1.2600 and headed lower afterwards. The current resistance is seen at 1.2600, the support exists at 1.2500.

The pound is likely to extend its losses in the short-term. Once we break below the 1.2500 level, we think that the 1.2400 handle will be next. A break below the level will neutralize the current bid tone. Conversely, a failure here will return the spot to the upside.



Yen

The short-term ascending channel remained intact on Thursday. Sellers pushed the US dollar lower in the early trades and managed to test 112.00. The USD/JPY pair faced an upward rejection around the handle and bounced off on profit-taking. The resistance is at 113.00, the support comes in at 112.00.

We maintain our negative outlook for the pair. However, the spot is oversold and we expect a short term recovery towards 113.00.

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