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CURRENCIES TECHNICAL ANALYSIS April.28

Euro

The EUR/USD pair had a negative day on Thursday. Sellers pushed the price below 1.0900 and were driving the spot downwards the whole day. The major touched 1.0850 and bounced off the handle in the early NY session. The resistance is seen at 1.0900, the support is at 1.0850.

All eyes are right now at the support level 1.0850. A cut through here will turn attention to the 1.0800 level.



Pound

Bulls controlled the market the whole day. Buyers started to push the price higher in the Asian session. The pair was growing the whole night and reached 1.2900 in the morning. However, the hurdle limited its further advance. The major stayed around the level the rest of the day trying to break it through. The resistance is seen at 1.2900, the support is at 1.2800.

The pound has all chances to stay in positive ground now. Buyers need to retake 1.2900 first to extend their gains. Once we break above the 1.2900 level, we think that the 1.3000 hurdle will be next.



Yen

The US dollar failed to sustain its correction on Thursday. Bulls almost reversed their early losses when the market turned bearish again. The price edged lower after that and returned from 111.57 to 111.00. The resistance is at 112.00, the support comes in at 111.00.

Any further upmove is expected to face stiff resistance at 111.50. Inability to post fresh gains may return control to sellers for a while. The last may drive the major to 110.00 where the price is likely to turn around.

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