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CURRENCIES TECHNICAL ANALYSIS May.10

Euro

Bears have the ball now. The euro faced further downside pressure in the Asian session on Tuesday. Sellers broke 1.0900 and posted a daily low at 1.0872 afterwards. The resistance is seen at 1.0900, the support stands at 1.0850.

The EUR/USD pair broke the upward trend line and has all chances to set fresh lows now. The next sellers’ target is 1.0850.



Pound

The pound slightly softened but remained in a near-term uptrend. The current resistance is seen at 1.3000, the support lies at 1.2900.

We believe sellers will stay in the driver’s seat. If the support at 1.2900 stands the spot may rebound to 1.3000. Otherwise, the pair will extend its decline to 1.2850 – 1.2830.



Yen

The USDJPY pair witnessed a fresh buying-wave on Tuesday. The major was growing the whole day and reached 114.00 in the NY session. The pair remained around the level after testing it. The resistance is at 114.00, the support comes in at 113.00.

A move above 114.00 will confirm buyers’ strength. In this scenario buyers may drive prices towards 114.50.

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