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CURRENCIES TECHNICAL ANALYSIS February.21

Euro

The common European currency maintained its negative bias on Monday. The Asian recovery stalled at 1.0627 where the spot held still unable to move anywhere. The current resistance is seen at 1.0650, the support lies at 1.0600.

Short term bias indicates selling interest. A break below the 1.0600 handle will open the way towards 1.0550, en route to 1.0520.



Pound

The GBP/USD faced short-lived upward pressure on Monday. The Cable caught fresh bids at the daily open and spiked towards 1.2500. However, the British pound failed to reach the level being stopped a few pips below the hurdle. The resistance is at 1.2500, the support comes in at 1.2400.

We preserve our negative outlook for the GBP/USD pair. If the major gets below 1.2400 sellers may test 1.2350 in the coming sessions.



Yen

The USD/JPY opened green on Monday. The US dollar bulls were able to push the price higher. Traders broke 113.00 in the night but failed to show any meaningful advance afterwards. The US dollar was around 113.00 the whole day. The resistance is seen at 114.00, the support stands at 113.00.

A daily close below 113.00 will put on hold bulls’ plans. We expect to see a renewed bearish pressure in this case. Any move above 113.50 may spark a further strengthening towards 114.00.

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