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CURRENCIES TECHNICAL ANALYSIS March.8

Euro

The pair traded mixed on Tuesday. Bears controlled the market in the night. They almost reached 1.0550 where bulls regained control and defended the level. Buyers did not have strength to develop any meaningful recovery. The major remained hovering above the level the rest of the day. The resistance is seen at 1.0600, the support stands at 1.0550.

We maintain bearish views until we see a break above 1.0650. The level 1.0550 is the next sellers’ target.



Pound

Sellers continued to dominate on Tuesday. Buyers made an attempt to recover during night hours. However, the recovery was short lived and faded soon. A fresh bout of selling pressure pushed the cable lower in the morning. The GBP/USD pair dropped to 1.2200 and remained around the level afterwards. The current resistance is seen at 1.2300, the support exists at 1.2200.

A break below 1.2200 may strengthen negative sentiment in the market. Should the pair move lower we may see the level 1.2100 test in the coming days.



Yen

The major traded in a flat around 114.00 on Tuesday. The pair was neutral-to-bullish during the day.  The resistance is at 114.00, the support comes in at 113.00.

If the price breaks above the 114.00 mark the USD/JPY pair will move towards 115.00 in the coming sessions. Otherwise the US dollar may ease to 113.00.

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