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CURRENCIES TECHNICAL ANALYSIS February.16

Euro

The EUR/USD pair traded mixed on Wednesday. The euro was losing ground during the day. Sellers pushed the price lower and broke 1.0550 in the mid-European session. They managed to advance the pair to 1.0520 when the spot ran through fresh bids and spiked upwards. The EUR/USD pair grew and erased majority of its losses in the early NY session. The resistance is seen at 1.0600, the support stands at 1.0550.

A move above 1.0550 eased the current downward pressure. Buyers need to return above 1.0650 to neutralize it at all. Meanwhile, the trend is bearish, the current growth we consider corrective and expect a new bout of selling pressure soon.



Pound

The tone remained negative in the market. The pound faced further selling pressure in the early trades and moved lower during the European hours. The GBP/USD pair tested 1.2400 and immediately rebounded from the level. The cable grew and reversed all its daily losses in the NY session. The current resistance is seen at 1.2500, the support exists at 1.2400.

We expect to see a renewed bearish pressure in the coming sessions. The first sellers’ target is 1.2400, en route to 1.2345.



Yen

The pair was in positive mood on Wednesday. The price was rallying the first part of the day. Traders led the spot to 115.00 where the pair met a barrier and had to retreat. The price dropped from 115.00 to 114.00. The resistance exists at the level 115.00, the support comes in at 114.00.

The price eyes a support at 114.00 loss of which would trigger further sellers’ gains towards 113.50.

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