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CURRENCIES TECHNICAL ANALYSIS March.7

Euro

The pair traded in directionless mode on Monday. The euro spiked in the early European trades. However, buyers failed to extend their gains above 1.0639. The spot dropped back to the opening prices around 1.0600 after posting a daily high at 1.0639. A selling interest emerged in the late NY session driving the pair to 1.0580. The resistance is seen at 1.0600, the support stands at 1.0550.

We believe the pair is likely to move back to downside. If a bearish tone persists we expect a breakout of the level 1.0600. The level 1.0550 is the next sellers’ target.



Pound

A fresh wave of the cable selling emerged during the early Asian session on Monday. The pound pushed away from 1.2300 and edged lower. The pair did not advance far due to the light market. Sellers pushed the price lower and were able to reach just 1.2230 in the late NY session. The current resistance is seen at 1.2300, the support exists at 1.2200.

A downward trading is expected to continue. In this scenario the pound may decline to 1.2200 in the coming sessions.



Yen

The USD/JPY was neutral/negative during the day. Buyers made an attempt to reverse some losses at the daily open but failed. Sellers seized control and moved the major lower in the European session. The price eased to 112.50 in the NY session where the US dollar ran through fresh bids. The currency pair grew and reversed all its daily losses afterwards. The resistance exists at the level 114.00, the support comes in at 113.00

If an upward pressure persists the price will break 114.00 and will test 114.70.

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