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CURRENCIES TECHNICAL ANALYSIS May.4

Euro

A positive sentiment switched to a negative one in the night session on Wednesday. The pair reversed its direction in the mid-Asian session and edged lower. The spot remained under pressure during the day sessions. The EUR/USD reached 1.0900 and stayed around the level before the NY opening. Sellers continued dragging the major downwards in the late North American session. The resistance is seen at 1.0900, the support stands at 1.0850.

We will keep selling the EUR/USD pair until it stays below 1.0900.



Pound

The British pound had a negative day on Wednesday. Buyers failed to move beyond 1.2945. The level has already rejected the major twice. The GBP/USD pair returned to 1.2900 where the major spent the day. A fresh selling interest emerged in the night on Thursday. The pair broke the 1.2900 handle and moved to 1.2850. The current resistance is seen at 1.2900, the support exists at 1.2800.

A clear break below 1.2800 will ease the current buying pressure. We are positive until then. Buyers may strive to reach 1.3000. If they fail sellers may drive GBP/USD to 1.2700.



Yen

The US dollar extended its upward momentum on Wednesday. The price bounced off the 112.00 level and set a fresh weekly high at 112.40 during the European hours. Buyers pushed the pair upwards in the NY session. The resistance is at 113.00, the support comes in at 112.00.

A break above 112.50 will keep buyers in the driver's seat. Buyers may drive prices to 113.00 in this scenario.

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