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CURRENCIES TECHNICAL ANALYSIS March.13

Euro

The US dollar had another negative day on Friday. The euro pushed away from 1.0600 at the beginning of the European session. The major rallied to 1.0650 and broke the level at the NY open. After breaking the resistance the European currency continued its winning streak and reached 1.0700 at the daily close.  The resistance is seen at 1.0700, the support stands at 1.0650.

We expect a pull back based on profit-taking. The pair is overbought and needs to let the steam off. Sellers may return the spot below 1.0650 to ease the upward pressure. To return the price to the familiar downward channel bears need to regain 1.0600 first.



Pound

The pound remained in a flat on Friday. The price was hanging between 1.2200 and 1.2150 during the day. The current resistance is seen at 1.2200, the support lies at 1.2100.

We believe the price will remain in the range in the short-term.



Yen

The yen strengthened on Friday amid the US dollar retracement. The dollar buyers did not find any reason to move the spot above 115.50. The bullish momentum turned bearish at this point. As the result the pair declined and broke 115.00.  Sellers could not leave the level and stayed a few pips below it. The resistance is at 115.00, the support comes in at 114.00.

Buyers need to retake 115.00 to return control. If the level stands a fresh selling interest will push USD/JPY to 114.00.

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