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CURRENCIES TECHNICAL ANALYSIS May.8

Euro

The bullish market structure remained in place on Friday. EUR/USD was under selling pressure the first part of the day. The price softened to 1.0950 where the spot ran through fresh bids. The major turned around and rallied upwards. The euro touched 1.1000 by the end of the trades. The resistance is seen at 1.1000, the support stands at 1.0950.

We preserve our short-term bullish outlook. We will keep buying the EUR/USD pair until it stays above 1.0900.



Pound

The pound extended its near-term bullish momentum on Friday. The pair pushed away from 1.2900 and managed to climb to 1.3000 by the end of the day. The current resistance is seen at 1.3000, the support exists at 1.2900.

We believe buyers will stay in control in the short-term. A clear close above 1.2950 confirmed buyers’ strength targeting this market at 1.3000.



Yen

The US dollar was in green on Friday. The price pushed away from 112.00 in the morning and rallied towards the 113.00. However, buyers failed to reach the level before the end of the trades. The USD/JPY pair closed the day at 112.75. The resistance is at 113.00, the support comes in at 112.00.

A daily close above 112.50 will keep buyers in the driver's seat. Bulls may drive prices to 113.00 in this case.

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