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CURRENCIES TECHNICAL ANALYSIS May.11

Euro

The EUR/USD pair was losing ground the whole day. Sellers moved the pair from 1.0900 to 1.0850 on Wednesday. The resistance is seen at 1.0900, the support stands at 1.0850.

We await a break below the current handle to trigger another leg lower towards 1.0800.



Pound

The price is still in an upward channel. The pound bounced from its upper limit heading towards its lower one. The current resistance is seen at 1.3000, the support exists at 1.2900.

Despite the decline which we witnessed on Wednesday we remain bullish. We will wait to buy on a dip targeting to 1.3000.



Yen

The US dollar opened green against the yen and extended its upside impulse afterwards. Buyers were struggling with 114.00 the whole day and finally broke the level in the NY session. The resistance is at 115.00, the support comes in at 114.00.

We maintain our positive outlook until we see a break below 112.00. Buyers may lead the USD/JPY pair towards 115.00 in the upcoming sessions.

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