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CURRENCIES TECHNICAL ANALYSIS March.9

Euro

The EUR/USD remained under pressure on Wednesday. Traders were pushing the spot downwards the whole day and broke the 1.0550 level in the NY session. The resistance is seen at 1.0550, the support stands at 1.0500.

We expect a new bout of selling pressure towards 1.0500 soon.



Pound

The tone remained negative in the market. The pound faced further selling pressure in the early trades and moved lower during the European hours. The GBP/USD pair pushed away from 1.2200 and advanced to 1.2150 where the downward momentum lost its legs. The current resistance is seen at 1.2200, the support exists at 1.2100.

We expect to see a renewed bearish pressure in the coming sessions. The first sellers’ target is 1.2100, en route to 1.2050.



Yen

The pair was in positive mood on Wednesday. The US dollar started the day below 114.00 and was moving towards the hurdle the first part of the day. Buyers reclaimed the level in the noon and continued their rally afterwards. The major reached 114.70 where the pair met a downward rejection and slightly eased. The resistance exists at the level 115.00, the support comes in at 114.00.

The price eyes a resistance at 115.00 loss of which would trigger further advance towards 115.35.

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