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CURRENCIES TECHNICAL ANALYSIS February.24

Euro

The euro extended its vertical rise on Thursday. Bulls pushed the price to 1.0600 in the European trades. However, buyers failed to retake the level and gave up their gains. The price bounced off the level and eased to 1.0570. The resistance is seen at 1.0600, the support stands at 1.0550.

We will keep buying the euro until it stays above 1.0550. The next buyers’ profit target is at 1.0600. Otherwise, sellers will lead the spot to 1.0500.



Pound

The spot caught fresh bids around the 1.2400 level and rallied towards 1.2500 in the night session. European traders continued pushing the pound upwards and broke the 1.2500 hurdle at the late European session. The GBP/USD extended its upward trajectory afterwards and reached 1.2540 in the late US session. The current resistance is seen at 1.2600, the support exists at 1.2500.

The pound left the short-term downward channel. The major has a potential to reach 1.2600 if it fixates above 1.2550. Alternatively, bears will return the cable to 1.2400.



Yen

The short-term ascending channel remained intact on Thursday. Sellers pushed the US dollar lower in the early trades. European sellers continued pushing the US currency downwards and broke 113.00. Sellers posted the daily low at 112.70 and stopped being unable to move lower. The resistance is at 113.00, the support comes in at 112.00.

We maintain our negative outlook for the pair. However, the spot is oversold and we expect a short term recovery towards 113.00 – 113.20.

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