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CURRENCIES TECHNICAL ANALYSIS April.17

Euro

The euro remained under pressure on Friday. An attempt to recover stalled at 1.0627 where the market reversed its direction and returned to the opening price. The resistance is seen at 1.0650, the support stands at 1.0600.

If the price consolidates above 1.0600 buyers may extend their gains towards 1.0650. A break below 1.0600 may lead to a further weakness towards 1.0575.



Pound

We maintain our negative outlook for the pair. Buyers failed to develop any meaningful recovery on Friday. The upward impetus lost its legs at 1.2537. The spot stopped and hovered above 1.2500 till the end of the day. The current resistance is seen at 1.2600, the support lies at 1.2500.

A move below 1.2500 will strengthen sellers’ positions. In this scenario bears may drag prices towards 1.2400.



Yen

The yen maintained its upbeat tone dragging the USD/JPY pair downside. The major broke 109.00 in the morning after spending the night in a flat. The price was weakening the whole day and stopped its decline at 108.56. The resistance is at 109.00, the support comes in at 108.00.

If the price remains below 109.00 the downbeat tone will persist towards 108.00.

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