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CURRENCIES TECHNICAL ANALYSIS April.7

Euro

The euro remained neutral on Thursday. The price was oscillating back and forth between 1.0650 – 1.0670 the whole day. The resistance is seen at 1.0700, the support stands at 1.0650.

We will stay out of trades waiting for a clear break of either side.



Pound

The pound traded mixed on Thursday. The major was under selling pressure the first part of the day. The price weakened to 1.2450 where the spot found fresh bids. The market switched its sentiment afterwards and reversed all its recent losses. The current resistance is seen at 1.2500, the support exists at 1.2400.

The pound struggled with the 1.2500 hurdle in the NY session. If buyers succeed the GBP/USD pair will move towards 1.2550. A rebound here will help the major to leave the upward channel sending the price to 1.2400.



Yen

Despite some positive sentiment the pair remained under pressure. Buyers managed to reverse some losses yesterday. They pushed the price to 111.00 which appeared to be a strong barrier for the major. The resistance is at 111.00, the support comes in at 110.00.

We maintain our negative outlook until we see a break above 111.00. Buyers will lead the USD/JPY pair towards 111.50 in this case. A failure with the hurdle will send the market downside.

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