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CURRENCIES TECHNICAL ANALYSIS April.5

Euro

The pair maintained its neutral tone on Tuesday. The major traded in a narrow sideways channel approaching its lower limit during the day. The resistance is seen at 1.0700, the support stands at 1.0650.

If the downward pressure persists the EUR/USD pair is likely to extend its weakness. Sellers may touch the level 1.0600 in the coming sessions. Inability to refresh lows will return the pair to 1.0700.



Pound

The GBP/USD pair traded mixed on Tuesday. Sellers controlled the market the first part of the day. They drove the price from 1.2500 to 1.2415 where the spot found fresh bids and bounced upwards. Buyers managed to reverse almost all Monday’s losses afterwards. However, the upward impetus did not last long and the major returned to the daily lows in the NY session. The current resistance is seen at 1.2500, the support lies at 1.2400.

Sellers met a barrier around 1.2400. If they succeed to break it through they may try to push the pair lower towards 1.2350.



Yen

The yen maintained control of the flows on Tuesday. The bearish momentum was strong enough to push the spot lower in the Asian session. The price started the day around 111.00 and was declining the first part of the day. The US dollar found support at 110.25 which rejected the price upwards. The price pulled back from the mark and strengthened to 110.70 in the NY session. The resistance is at 111.00, the support comes in at 110.00.

The 110.50 mark appeared to be a hard nut to crack. Sellers need to retake the level to revive their downbeat momentum. A fresh selling interest may lead prices towards 110.00.

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