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CURRENCIES TECHNICAL ANALYSIS April.13

Euro

The EUR/USD pair traded mixed on Wednesday. After breaking above 1.0600 buyers failed to advance further in the early trades. The spot was fluctuating back and forth staying in a narrow range above 1.0600 during the day. The price spiked to 1.0650 in the late NY session. The resistance is seen at 1.0650, the support stands at 1.0600.

We preserve our short-term bullish outlook. We will keep buying the EUR/USD pair until it stays above 1.0600.



Pound

The pound was strong on Wednesday. Despite the positive tone the major remained unchanged during the day. The GBP/USD pair was struggling with the 1.2500 hurdle the whole day and managed to retake the level in the late NY session. The current resistance is seen at 1.2600, the support exists at 1.2500.

We believe buyers will stay in control in the short-term. A clear break above 1.2500 will confirm buyers’ strength sending this market to 1.2550.



Yen

The US dollar remained well offered on Wednesday. Sellers found a decent support at 109.40. Having faced the obstacle the spot started a consolidation phase. A fresh selling interest emerged in the late NY session. The major edged lower and tested 109.00. The resistance is at 110.00, the support comes in at 109.00.

A break below 109.40 will keep sellers in the driver's seat. Sellers may drive prices to 109.00 in this case.

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