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CURRENCIES TECHNICAL ANALYSIS April.4

Euro

The common European currency maintained its negative bias on Monday. The euro had no strength to recover after Friday’s sell-off yesterday. The major was neutral trading in the narrow range 1.0650 – 1.0670 the whole day. The current resistance is seen at 1.0700, the support lies at 1.0650.

Short term bias indicates selling interest. A break below the 1.0650 handle will open the way towards 1.0600, en route to 1.0570.



Pound

The GBP/USD faced short-lived downward pressure on Monday. The Cable caught fresh offers at the daily open and dropped towards 1.2500. After reaching the level the downward momentum intensified, sellers retook the level and advanced to 1.2465 where the downward pressure lost steam. The resistance is at 1.2500, the support comes in at 1.2400.

We preserve our negative outlook for the GBP/USD pair. If the major stays below 1.2500 sellers may test 1.2400 in the coming sessions.



Yen

The pair remained in red figures on Monday. After an Asian flat the spot edged lower. The pair started its downward slide in the late European session. The US traders extended the downward momentum and broke 111.00 later in the session. The resistance is seen at 111.00, the support stands at 110.00.

A daily close below 111.00 will strengthen sellers’ positions. We expect to see a renewed bearish pressure in this case. Any move below 110.50 may spark a further weakening towards 110.00.

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