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CURRENCIES TECHNICAL ANALYSIS February.23

Euro

Bulls’ attempt to build a recovery failed on Wednesday. The price rallied up to 1.0550 where the spot met a barrier. Inability to retake the level reinforced sellers’ positions who pushed the price lower in the NY session. The resistance comes in at the level 1.0550, the support lies at 1.0500.

If an upward momentum persists buyers will break 1.0550. However, we do not believe in this scenario and expect fresh downwards pressure soon.



Pound

The GBP/USD pair was under selling pressure on Wednesday. Bears pushed prices from 1.2500 to the 1.2400 handle which halted their advance. The resistance exists at the level 1.2500, the support stands at 1.2400.

If the price stays above 1.2400 buying pressure will increase. Bulls might force the major to resume its upward trajectory towards 1.2500-1.2550 region. A break below 1.2400 will open doors for a further decline to 1.2350.



Yen

USD/JPY traded mixed on Wednesday. The pair opened bearish and eased to 113.00 where the US dollar caught fresh bids. The pair pushed away from the level and jumped to the 113.50 region reversing its daily losses.  The resistance is at 114.00, the support comes in at 113.00.

If the USD/JPY fixates above the mark 113.50 the price will edge higher towards 114.00. A rebound here will return the spot to the 113.00 handle.

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