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CURRENCIES TECHNICAL ANALYSIS May.5

Euro

The US dollar was trading on a soft note vs. its European counterpart on Thursday. The euro reversed all its recent losses during the day trades. The pair started its rally from 1.0885 in the Asian session and reached 1.0985 by the end of a trading day. The resistance is seen at 1.1000, the support is at 1.0950.

Buyers do not want to give up their gains. If they keep pressing 1.1000 they may reclaim the resistance in the short-term. Otherwise, the spot will return to 1.0900.



Pound

Bulls returned in town on Thursday. Fresh bids around 1.2850 helped the pound to recover. Buyers regained control in the morning and were driving the spot upwards the whole day. The upward trajectory slowed down when the cable broke 1.2900. The pair closed the day at 1.2930. The current resistance is seen at 1.3000, the support exists at 1.2900.

We will wait for a clear break above 1.2900 to buy the pound. If buyers fail to retain control the pair may ease back below the just broken hurdle.



Yen

Buyers refrained from creating new positions preferring to consolidate their fresh gains on Thursday. The USD/JPY pair stayed in a tight range 112.70 - 112.90 the whole day. Sellers started to move the price lower in the evening. The resistance is at 113.00, the support comes in at 112.00.

If the pair stays above 112.00 we expect to see renewed bullish pressure towards 113.00.

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