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CURRENCIES TECHNICAL ANALYSIS April.12

Euro

The pair remained under buying pressure on Tuesday. The spot extended its vertical rise yesterday. Buyers broke 1.0600 in the European session and moved up to 1.0625 later the day. Buyers failed to maintain a bid tone in the night and retreated to 1.0600. The resistance is seen at 1.0650, the support stands at 1.0600.

As the most probable scenario, we consider a return below 1.0600.



Pound

The British pound strengthened further on Tuesday, sending GBP/USD to fresh highs. After a night flat buyers pushed the major upwards. The pound was advancing from 1.2400 the whole day and reached 1.2500 in the late NY session. The current resistance is seen at 1.2500, the support lies at 1.2400.

We believe bulls will stay in a driver’s seat. Buyers may test the 1.2500 hurdle in the upcoming sessions.



Yen

The USD/JPY pair maintained its ask tone on Tuesday. The major started to lose ground in the night and extended its losses during the day. Sellers broke 110.00 in the North American one. The resistance is at 110.00, the support comes in at 109.00.

A move below 110.00 will confirm sellers' strength. In this scenario sellers may drive prices towards 109.50.

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