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CURRENCIES TECHNICAL ANALYSIS March.31

Euro

The euro had a negative day on Thursday. The common European currency was hanging around 1.0750 the whole night. Sellers broke 1.0750 in the morning and pushed the price lower afterwards. Traders kept driving the spot downwards the whole day and tested 1.0720 in the mid European session. The downward trajectory lost its impetus here for a while. Bulls tried to regain control at the NY opening but failed and were returned to the session lows. The resistance is seen at 1.0700, the support is at 1.0650.

The downward trajectory is likely to be continued in the short term. Sellers aim at 1.0650 now.



Pound

The British pound found a decent support at 1.2400. Sellers failed to reclaim the level and had to retreat. Buyers regained control post London open. The major pushed away from the handle and rallied towards 1.2500. Buyers touched the level but failed to retake it. The current resistance is seen at 1.2500, the support exists at 1.2400.

A break above 1.2500 will ease the downward pressure. On the other hand, sellers need to lead the price below 1.2400 to revive bearishness.



Yen

The pair maintained its neutral stance on Thursday. The price was moving back and forth within a formed range: 111.00 – 111.25. The resistance is at 112.00, the support comes in at 111.00.

If the pair breaks above 111.50 we expect to see renewed bullish pressure towards 112.00.

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