The ask tone lost its legs around the mark 1.0650 yesterday. Sellers faced buyers’ resistance and had to retreat. The US dollar gave up its recent gains, the handle rejected the spot which returned to the opening prices. The resistance is seen at 1.0700, the support stands at 1.0650.
We will keep buying the EUR/USD pair if the spot returns above 1.0700. If buyers fail to maintain control sellers will move the majors downwards.
The GBP/USD pair was neutral on Wednesday. The market was well balanced; the spot stayed around the 1.2500 region. The price met selling pressure on any up-move from the handle. The current resistance is seen at 1.2500, the support exists at 1.2400.
We believe sellers will remain in control in the short-term. A clear break below 1.2500 will confirm sellers’ strength sending this market to 1.2400 – 1.2420 region.
The pair failed to recover on yesterday’s trades and continued its sell-off. The Asian recovery stalled around 112.50 when the spot faced fresh selling interest. The price edged lower, broke the level 112.00 and retested the weekly low at 111.56. The resistance is at 112.00, the support comes in at 111.00.
A break below 112.00 will return sellers in the driver's seat. Bears may try to retake 112.50 mark first. A move below 112.50 will increase immediate bearish pressure. Sellers may drive prices to 112.00.
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