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CURRENCIES TECHNICAL ANALYSIS March.15

Euro

Sellers seemed to have returned in town. The euro extended its near-term bearish momentum on Tuesday. The price was slowly weakening in the early Asian trades and accelerated its decline ahead of the European opening. The spot dropped from 1.0660 to 1.0620 during the European trades and reached 1.0600 in the NY session. The resistance is seen at 1.0650, the support stands at 1.0600.

If the downward pressure persists the EUR/USD pair is likely to extend its weakness. Sellers may touch the level 1.0600 in the coming sessions. Inability to refresh lows will return the pair to 1.0650 -1.0660.



Pound

The GBP/USD pair traded mixed on Tuesday. Sellers controlled the market the first part of the day. They drove the price from 1.2200 to 1.2100 where the spot found fresh bids which pushed it to 1.2150. The current resistance is seen at 1.2200, the support lies at 1.2100.

Sellers met a barrier around 1.2100. If they succeed to break it through they may try to push the pair lower towards 1.2000.



Yen

The US dollar maintained control of the flows in the morning on Tuesday. The bullish momentum was strong enough to push the spot higher. The price was growing from 114.80 towards 115.00 during the course of the day. However, after touching the level the US dollar turned bearish. The price pulled back from the level and dropped to 114.50 in the NY session. The resistance is at 115.00, the support comes in at 114.00.

The 115.00 hurdle appeared to be a hard nut to crack. Buyers need to retake the level to revive their upbeat momentum. Otherwise a fresh selling interest may lead prices back to 114.00.

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