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CURRENCIES TECHNICAL ANALYSIS March.10

Euro

The euro had a positive day on Thursday. The common European currency was growing the whole day. Buyers broke 1.0550 in the morning and pushed the price higher afterwards. Traders kept driving the spot upwards and tested 1.0600 in the late NY session. The resistance is seen at 1.0600, the support is at 1.0550.

We believe that inability to break above 1.0600 will send the major back to 1.0550.



Pound

The British pound stayed in a narrow sideways channel between 1.2200 and 1.2150 yesterday. The current resistance is seen at 1.2200, the support exists at 1.2100.

A break above 1.2500 will ease the downward pressure. On the other hand, sellers need to lead the price below 1.2150 to revive bearishness.



Yen

The U.S dollar upward trajectory remained intact on Thursday. Buyers began the day around 114.50 and started to push the price upwards. The upward movement lasted the whole day and ended with the 115.00 level test. The resistance is at 115.00, the support comes in at 114.00.

If the pair breaks above 115.00 we expect to see renewed bullish pressure towards 115.50.

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