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CURRENCIES TECHNICAL ANALYSIS April.20

Euro

The EUR/USD remained under pressure on Wednesday. The pair was hovering above 1.0700 the whole day. Buyers made several attempts to start a recovery but failed every time. The resistance is seen at 1.0750, the support stands at 1.0700.

We expect a new bout of selling pressure towards 1.0650.



Pound

The pound had a negative start to the day. The cable started to lose its ground right after touching 1.2900. The major bounced off the level and remained under pressure the whole Wednesday. Sellers reached 1.2800 ahead of NY opening and finely broke the level later the evening. The current resistance is seen at 1.2800, the support exists at 1.2700.

We expect to see a renewed bearish pressure in the coming sessions. The first sellers’ target is 1.2700, en route to 1.2600.



Yen

The US dollar tried to build a recovery on Wednesday. Buyers led the spot to 109.00 and were battling with the hurdle the whole day. Bulls failed to regain the level after all and stepped back. The resistance exists at the level 109.00, the support comes in at 108.00.

We still maintain our positive outlook. The price eyes a resistance at 109.00 loss of which would trigger further advance towards 109.50.

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