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CURRENCIES TECHNICAL ANALYSIS March.27

Euro

The euro jumped to 1.0800 on Friday morning. However, bulls failed to extend their gains afterwards. The major stayed around its session highs trading in a narrow range. The resistance is seen at 1.0800, the support stands at 1.0750.

If the price consolidates above 1.0800 buyers may extend their gains towards 1.0850.



Pound

The pound opened red against the dollar on Friday. Sellers pushed the spot below 1.2500 but failed to extend its advance. The major met a barrier at 1.2470 and formed a narrow range there. The GBP/USD pair traded between 1.2500 and 1.2470 the second part of the day. The current resistance is seen at 1.2500, the support lies at 1.2400.

A move below 1.2470 will strengthen sellers’ positions. In this scenario bears may drag prices towards 1.2400.



Yen

The USD/JPY pair traded mixed on Friday. The spot was losing ground the first part of the day. Sellers drove the pair from 111.45 in the Asian session to 110.60 in the late NY session. The major found fresh bids around 110.60 and spiked back above 111.00 where the spot closed the day. The resistance is at 112.00, the support comes in at 111.00.

If the price remains above 111.00 the upbeat tone will persist towards 112.00. A failure to hold above the level will suggest a new wave of weakness towards 110.50.

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