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CURRENCIES TECHNICAL ANALYSIS March.6

Euro

The euro was under pressure during the day trades on Friday. The major remained in a downward structure. The pair bounced off the lower limit of the channel and slightly recovered over the night. The EUR/USD pair found fresh bids around 1.0520 and rallied upwards in the mid-European session. The currency pair grew and broke 1.0550 ahead of the NY opening. Bulls extended their gains afterwards and drove the price through 1.0600 to 1.0620 where the spot closed the week. The resistance is seen at 1.0650, the support stands at 1.0600.

If the price remains above 1.0600 buyers may extend their gains towards 1.0650.



Pound

The GBP/USD traded mixed on Friday. The pound was losing ground the first part of the day and recovering the second one. Sellers found a strong support at 1.2200 and failed to retake it. The cable pulled back and erased some of its recent losses after the level test. The current resistance is seen at 1.2300, the support lies at 1.2200.

A move above 1.2300 will strengthen buyers. In this scenario bulls may drag prices towards 1.2350.

Yen

The USD/JPY pair completed an upside impulse and turned bearish on Friday. The spot faced a downward pressure around 114.70 and sharply dropped to its immediate support at 114.00. The handle limited sellers' further advance rejecting the price upwards. The resistance is at 115.00, the support comes in at 114.00.

If the price remains above 114.00 the upbeat tone will persist towards 114.50. A failure to hold above the level will suggest a new wave of weakness towards 113.50.

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