After a sell-off on Monday the euro was neutral during the day trades. The price stayed in a narrow range between 1.0850 and 1.0865 the whole day. Selling interest returned in the NY session. The major left the sideways channel and dropped below 1.0850. Sellers continued pushing the major lower and reached 1.0800 in the mid NY session. The resistance is seen at 1.0850, the support stands at 1.0800.
We maintain bullish views until we see a break below 1.0750. The ongoing decline is considered as the US dollar recovery. If the downward pressure persists the price will reach 1.0750 on Wednesday.
The pound tried to build on recovery after Monday’s sell-off yesterday. Buyers managed to erase all losses approaching 1.2600 during the Asian trades. However, the upward momentum faded around the resistance. The market turned bearish sending the spot to 1.2500 first. The pair accelerated its losses after the level break and approached 1.2450 in the late NA session. The current resistance is seen at 1.2500, the support exists at 1.2400.
A break below 1.2500 eased the upward pressure. If sellers remain in control they will break below 1.2400 in the coming sessions.
The major traded mixed on Tuesday. The pair extended the night upward impetus in the morning trades and reached 110.80 where the price turned around and weakened. Sellers pushed the price lower in the mid European session. However, the market changed its sentiment later the day. The USD/JPY pair found fresh bids around 110.00 and rallied upwards breaking 111.00 in the NY session. The resistance is at 112.00, the support comes in at 111.00.
If the price stays above the 111.00 level the USD/JPY pair will move towards 112.00 in the coming sessions.
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