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CURRENCIES TECHNICAL ANALYSIS March.17

Euro

The euro traded mixed on Thursday. The spot slightly weakened in the morning retreating from its fresh peaks. The major almost reached 1.0700 when it suddenly changed its direction and strengthened reversing all its daily losses. The resistance is seen at 1.0750, the support stands at 1.0700.

We will keep buying the euro until it stays above 1.0700. The next buyers’ profit target is at 1.0750. Otherwise, sellers will lead the spot to 1.0650.



Pound

The pound pulled back from 1.2300 and slightly softened in the Asian session on Thursday. However, the spot caught fresh bids around 1.2240 and rallied back to 1.2300 in the morning session. European traders continued pushing the pound upwards and broke hurdle at the late European session. The GBP/USD extended its upward trajectory afterwards and reached 1.2370 in the late US session. The current resistance is seen at 1.2400, the support exists at 1.2300.

The pound left the short-term downward channel. The major has a potential to reach 1.2400 if it fixates above 1.2350. Alternatively, bears will return the cable to 1.2250.



Yen

The bearish scenario prevailed on Thursday. The pair was neutral during the day hanging around 113.50. Sellers made an attempt to retake 113.00 during the North American hours. However, buyers saved the level with its bids which pushed the pair upwards. The resistance is at 114.00, the support comes in at 113.00.

We maintain our negative outlook for the USD/JPY pair. However, the spot is oversold and we expect a short term recovery towards 113.50 – 114.00.

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