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CURRENCIES TECHNICAL ANALYSIS February.22

Euro

Sellers seemed to have returned in town. The euro extended its near-term bearish momentum on Tuesday. The price was slowly weakening in the early Asian trades and accelerated its decline ahead of the European opening. The spot dropped from 1.0580 to 1.0520 during the European trades. The resistance is seen at 1.0600, the support stands at 1.0550.

If the downward pressure persists the EUR/USD pair is likely to extend its weakness. Sellers may touch the level 1.0500 in the coming days. Inability to refresh lows will return the pair to 1.0600.



Pound

The GBP/USD pair traded mixed on Tuesday. Sellers controlled the market the first part of the day. They drove the price from 1.2460 to 1.2400 where the spot found fresh offers which pushed it to the opening prices. The current resistance is seen at 1.2500, the support lies at 1.2400.

Sellers met a barrier around 1.2400. If they succeed to break it through they may try to push the pair lower towards 1.2300.



Yen

The US dollar maintained control of the flows on Tuesday. The bullish momentum was strong enough to push the spot higher. The price was growing from 113.00 towards 114.00 during the course of the day. The resistance is at 114.00, the support comes in at 113.00.

The 114.00 hurdle appeared to be a hard nut to crack. Buyers need to retake the level to revive their upbeat momentum. Otherwise a fresh selling interest may lead prices back to 113.00.

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