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CURRENCIES TECHNICAL ANALYSIS March.16

Euro

The US dollar unexpectedly weakened on Wednesday. The pair was hovering above 1.0600 the whole day. The upward impetus emerged in the NY session. The major jumped upwards and broke 1.0650. After the level break the spot extended its gains to 1.0700. The resistance comes in at the level 1.0700, the support lies at 1.0650.

If an upward momentum persists buyers will break 1.0700. We do not exclude a pull back on profit taking.



Pound

The GBP/USD pair was struggling with 1.2200 on Wednesday. The major was hanging around the level the night and the day sessions. Buyers managed to break the hurdle in the NY trading time. The pound rallied and reached 1.2300 later the day.  The resistance exists at the level 1.2300, the support stands at 1.2200.

If the price breaks 1.2300 buying pressure will increase. Bulls might force the major to resume its upward trajectory towards the 1.2350 region.



Yen

USD/JPY was neutral during the day. The price stayed in a narrow range between 115.00 and 114.60. Sellers regained control in the NA session. The spot sharply dropped and broke 114.00 at first. Sellers did not stop after the break and pushed the US dollar lower. Bears managed to lead the pair to 113.20 in the late North American session. The resistance is at 114.00, the support comes in at 113.00.

If the USD/JPY fixates below the mark 113.50 the price will edge lower towards 113.00. A rebound here will return the spot to the 114.00 hurdle.

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