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CURRENCIES TECHNICAL ANALYSIS February.7

Euro

The market turned bearish on Monday. The price bounced off the 1.0800 hurdle and dropped through 1.0750 towards 1.0700. The EUR/USD pair just touched the handle and bounced off the level. The resistance comes in at the level 1.0750, the support lies at 1.0700.

If a downward pressure persists the spot will extend its losses further. Should the pair break below 1.0700, sellers may drag the euro towards 1.0650.



Pound

The GBP/USD pair faced further downward pressure on Monday. The pound spent the night in a narrow range below 1.2500. The spot accelerated its losses in the European session and declined to 1.2450. The resistance exists at the level 1.2500, the support stands at 1.2400.

A move below 1.2450 will increase sellers’ strength. Bear may push prices towards 1.2400.



Yen

The USD/JPY pair turned bearish right after the daily opening. Sellers were driving the price lower the whole day and reached 112.00 ahead of the NY session. The spot failed to retake the level and bounced from it. The resistance is at 113.00, the support comes in at 112.00.

A break below 112.00 will strength sellers’ positions. In this scenario sellers will lead the price to the 111.00 level.

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