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CURRENCIES TECHNICAL ANALYSIS March.2

Euro

The ask tone lost its legs above 1.0500 yesterday. Sellers faced buyers’ resistance and had to retreat. The handle rejected the spot which reversed the half of its losses in the late NY session. The resistance is seen at 1.0600, the support stands at 1.0550.

We preserve our near-term bearish outlook. We will keep selling the EUR/USD pair until it stays below 1.0600.



Pound

The pound extended its weakness on Wednesday. Sellers pushed away from 1.2400 at the daily open. The price was weakening the whole day and stopped only at 1.2300. Sellers failed to regain the level. The spot pulled back on profit-taking. The current resistance is seen at 1.2400, the support exists at 1.2300.

We believe sellers will remain in control in the short-term. A clear break below 1.2300 will confirm sellers’ strength sending this market to 1.2250, en route to 1.2200.



Yen

The US dollar maintained its bid tone on Wednesday. The pair was rallying the whole day. Buyers broke 113.00 in the Asian session and extended its upward trajectory towards 114.00 later the day. However, the upward momentum faded around the hurdle. The resistance is at 114.00, the support comes in at 113.00.

A break above 114.00 will keep buyers in the driver's seat. A move above the resistance will increase immediate bullish pressure. Bulls may drive prices to 114.50 in this case.

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