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CURRENCIES TECHNICAL ANALYSIS May.1

Euro

The euro had a positive day on Friday. The spot started the day at 1.0850 and reached 1.0950 by noon. The upward momentum faded after that and the price returned to 1.0900. The resistance is seen at 1.0950, the support stands at 1.0900.

The euro may extend its losses if it moves below 1.0900. Sellers may drive the price to 1.0850 in this scenario.



Pound

The pound opened green against the dollar on Friday. The Cable broke 1.2900 in the Asian session and extended its upside impulse to 1.2950 afterwards. The buying interest lost its steam around the mark. The current resistance is seen at 1.3000, the support exists at 1.2900.

The upside trading is expected to continue. A firm break above 1.2950 could trigger fresh impetus for attack at 1.3000.



Yen

The USD/JPY pair extended its neutral bias on Friday. The price stayed in a range between 111.00 - 111.50 the whole day. The US dollar was stronger vs. its Japanese peer and was able to grow to the upper limit of the channel. The current resistance is seen at 112.00, the support exists at 111.00.

Buyers will lose control if they do not post new highs. Inability to break above 112.00 will indicate that the upward impetus is over. Sellers may drive the spot to 110.00 in this scenario.

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