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CURRENCIES TECHNICAL ANALYSIS April.11

Euro

Technically, the market remained bearish on Monday. The price weakened a bit in the night and posted a daily low at 1.0570. The major traded flat during the day and bounced upwards in the NY session. Buyers lead the pair to 1.0600 in the early American trades but failed to retake it. The resistance comes in at the level 1.0600, the support lies at 1.0550.

If an upward pressure persists the single currency may extend its gains towards 1.0650. Otherwise, the pair will continue its slide to 1.0550.



Pound

The GBP/USD pair faced a fresh buying pressure on Monday. After finding an obstacle at 1.2365 the major turned bullish in the night and was growing the whole day. Buyers broke 1.2400 in the NY session opening and advance up to 1.2450 afterwards. The resistance exists at the level 1.2500, the support stands at 1.2400.

A move above 1.2450 will reinforce buyers’ positions. Bulls may extend recovery towards 1.2500 in this scenario.



Yen

The USD/JPY remained under pressure on Monday. The Asian recovery stalled in the 111.50 region. The US dollar bounced from the mark and returned to the opening price. The resistance is at 111.00, the support comes in at 110.00.

A break below 111.00 will strength sellers’ positions. In this scenario bears will lead the currency pair to the 110.00 level.

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