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CURRENCIES TECHNICAL ANALYSIS February.8

Euro

The US dollar took advantage of the euro weakness and extended its gains on Tuesday. Sellers were pushing the price downwards the whole day. The spot bounced off 1.0750 and dropped to the 1.0650 support. Sellers failed to retake the level and the major bounced off the handle erasing some of its daily losses. The resistance is seen at 1.0700, the support stands at 1.0650.

As the most probable scenario, we consider further moving downwards towards the level at 1.0650.



Pound

The pound opened red vs. the dollar. The pair broke the level 1.2400 in the Asian session and posted a daily low at 1.2350 in the European one. After touching the mark the spot reversed its direction and spiked upwards erasing all its daily losses. The current resistance is seen at 1.2500, the support lies at 1.2400.

We expect a roll back to 1.2250 – 1.2200 region after Tuesday's rally.



Yen

The price remained in a descending channel on Tuesday. The USD/JPY pushed away from 111.50 in the Asian session and reached the mark 112.60 in the European one. The 112.60 level appeared to be a hard obstacle which rejected the US dollar back. The resistance is at 113.00, the support comes in at 112.00.

A move above 112.60 will confirm buyers' strength. In this scenario bulls may drive prices towards 113.00.

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