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CURRENCIES TECHNICAL ANALYSIS March.3

Euro

The pair remained negative on the Thursday. The major pushed away from 1.0550 in the Asian session and continued losing its ground during the day. The spot reached 1.0500 and stayed around the handle in the NY session. The resistance is seen at 1.0550, the support stands at 1.0500.

The euro may extend its losses if it breaks below 1.0500.



Pound

The pound traded mixed on Thursday. After breaking 1.2300 the major was in a narrow range. The price went back and forth between the levels 1.2300 – 1.2250. The current resistance is seen at 1.2300, the support exists at 1.2200.

If sellers move below 1.2250 the GBP/USD pair may extend its losses towards 1.2200.



Yen

Fresh bids around 113.50 helped buyers to extend their gains. The US dollar opened green and was growing the whole day. Buyers broke 114.00 in the early European trades and extended its gains to 114.50. The resistance is at 115.00, the support comes in at 114.00.

The price is heading towards the 115.00 hurdle now. However, the major needs to reclaim 114.00 first. If the mark stands the currency pair may pull back on profit taking.

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