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CURRENCIES TECHNICAL ANALYSIS February.28

Euro

The market turned bullish on Monday. The price bounced off the 1.0550 handle and rallied up to 1.0600 in the European session. Buyers broke the level in the NY session and continued pushing the spot towards 1.0650 afterwards. The resistance comes in at the level 1.0650, the support lies at 1.0600.

If an upward pressure persists the single currency may extend its gains towards 1.0650.



Pound

The GBP/USD pair faced a fresh buying pressure on Monday. The pound spent the night and the European session in a tight range hovering above 1.2400. A bout of a fresh buying interest emerged with NY opening. The Cable rallied and erased the half of its Friday’s losses during the evening trades. The resistance exists at the level 1.2500, the support stands at 1.2400.

A move above 1.2500 will reinforce buyers’ positions. Bulls may push prices towards 1.2550 in this scenario.



Yen

The USD/JPY remained under pressure on Monday. The Asian recovery stalled in the 112.20 region. The US dollar hovered above the level during the day. A downward impetus emerged with NY opening sending the market back to the handle. The resistance is at 113.00, the support comes in at 112.00.

A break below 112.00 will strength sellers’ positions. In this scenario bears will lead the currency pair to the 111.50 level.

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