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CURRENCIES TECHNICAL ANALYSIS May.3

Euro

The euro traded in a narrow channel on Tuesday. The price was moving up and down around 1.0900. The resistance is seen at 1.0950, the support stands at 1.0900.

We expect a break below the current support and a move towards 1.0850.



Pound

The near-term upward structure remained intact on Tuesday. The pound found a decent support at the lower limit of the upward channel. The price bounced off the lower band and reversed a minor portion of its early losses. The current resistance is seen at 1.3000, the support exists at 1.2900.

We are bullish until we see a move below 1.2700. Buyers may drive the major to 1.3000 in the upcoming sessions.



Yen

The US dollar was stronger against the yen on Tuesday. Buyers retook 112.00 in the morning and advanced up to 112.35 afterwards. After posting a session high the spot turned around and returned to 112.00.  The resistance is at 113.00, the support comes in at 112.00.

The upwards pressure is likely to be regained. Buyers may drive the major to 112.50 in the nearest future.

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