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CURRENCIES TECHNICAL ANALYSIS May.2

Euro

The pair traded mixed around 1.0900 the whole day. The spot was under pressure in the Asian session. The price was growing during the European hours and returned to the red region in the NA session. The resistance comes in at the level 1.0900, the support lies at 1.0850.

A move below 1.0900 will show room for further downside towards 1.0850.



Pound

The pound stayed in a short term upward channel during the day. The price hit the lower boundary of the channel in the night and bounced upwards after that. The upward impetus was short-lived and the major turned bearish in the NY session. Sellers pushed the price lower and broke the upward trend line around 1.2900 in the night. The resistance exists at the level 1.2900, the support stands at 1.2800.

The pound is likely to extend its losses in the upcoming sessions.



Yen

USD/JPY was in buy mode on Monday. The price was growing in the night session and met a decent obstacle at 112.00 in the morning. The pair flirted with the level the whole day trying hard to break above it. The resistance exists at the level 112.00, the support stands at 111.00.

The bullish momentum is likely to be regained if the major breaks above 112.00. Buyers may push the price to 112.50 in this case.

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