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CURRENCIES TECHNICAL ANALYSIS February.20

Euro

The EUR/USD had a negative day on Friday. Having bounced off 1.0670 the currency pair returned to decline. Sellers pushed the euro lower in the European session and broke the level 1.0650 in the early US one. American traders continued pushing the major lower and approached 1.0600 at the daily close. The resistance is seen at 1.0650, the support stands at 1.0600.

The downward movement would have a chance if the spot breaks below 1.0600. Sellers would push the price towards 1.0550 in this case.  Otherwise we expect a pull back to 1.0650.



Pound

Sellers moved the price lower on Friday. The pound pushed away from 1.2500 in the Asian session and moved lower reaching 1.2400 at close trade. The current resistance is seen at 1.2500, the support lies at 1.2400.

Sellers need to break below 1.2400 to ease the upward pressure. A break below the handle will open doors for a further decline towards 1.2350, en route to 1.2300.



Yen

The USD/JPY pair closed last week in red. Sellers were pushing the US dollar lower the whole day. The US dollar broke the level 113.00 and was able to advance to 112.60 where the downward impetus lost its legs. The resistance is at 113.00, the support comes in at 112.00.

Buyers need to retake 113.00 to return control. If the level stands a fresh selling interest will push USD/JPY to 112.50.

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