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CURRENCIES TECHNICAL ANALYSIS March.23

Euro

The EUR/USD pair traded mixed on Wednesday. The spot was losing ground the whole night. Sellers stopped at 1.0774 in the morning and gave the way to buyers. The last pushed the major higher and had reversed all losses by the NY session. The resistance is seen at 1.0800, the support stands at 1.0750.

We preserve our near-term bullish outlook. We will keep buying the EUR/USD pair until it stays above 1.0700.



Pound

The Brent was stronger on Wednesday, staying near local high against the dollar. However, the pair came under some profit-taking pressure after touching 1.2500 and slightly pulled back.  The current resistance is seen at 1.2500, the support exists at 1.2400.

We believe buyers will stay in control in the short-term. A clear break above 1.2500 will confirm buyers’ strength sending this market to 1.2550.



Yen

The US dollar remained well offered on Wednesday. The pair was declining the whole day. Sellers pushed away from 112.00 in the Asian session and extended their downward trajectory towards 111.00 later the day. The resistance is at 112.00, the support comes in at 111.00.

A break below 111.00 will keep sellers in the driver's seat. A move below the support will increase immediate bearish pressure. Sellers may drive prices to 110.50 in this case.

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