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CURRENCIES TECHNICAL ANALYSIS March.30

Euro

The EUR/USD remained under pressure on Wednesday. Traders were pushing the spot downwards the whole night and broke the 1.0800 level in the morning. Sellers continued driving the spot lower the whole day and tested 1.0750 at the noon. Sellers failed to lead the price lower and remained around the handle. The resistance is seen at 1.0800, the support stands at 1.0750.

We expect a new bout of selling pressure towards 1.0600 soon. However, the price needs to recover some ground first. The consolidation is expected within the range 1.0750 -1.0800.



Pound

The pound remained in the red on Wednesday. However, the major managed to erase some of its recent losses and climbed to 1.2470 during the day trades. Sellers stopped buyers’ attack and returned the spot to 1.2400 in the NY session. The current resistance is seen at 1.2500, the support exists at 1.2400.

We expect to see a renewed bearish pressure in the coming sessions. The first sellers’ target is 1.2350, en route to 1.2300.



Yen

The US dollar tried to extend its bullish impetus in the night. However, the impetus faded just above the broken level 111.00. Sellers returned the major below the level during the European session. The US dollar found fresh strength to recover in the NY session. The price attacked 111.00 level again in the evening. The resistance exists at the level 112.00, the support comes in at 111.00.

The price eyes a resistance at 111.50 loss of which would trigger further advance towards 112.00.

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