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CURRENCIES TECHNICAL ANALYSIS May.12

Euro

The euro traded mixed on Thursday. The major was under pressure the first part of the day. Sellers led the spot to 1.0850 where they faced an upward rejection. The pair bounced off the level and reversed some of its early losses afterwards. The resistance is seen at 1.0900, the support stands at 1.0850.

If EUR/USD breaks below 1.0850 the pair will continue its slide. Otherwise, buyers will regain control and will start reversing all their recent losses.



Pound

The pound traded in red the whole day. Sellers drove the price to 1.2900 by noon and after a brief pause broke the handle. The pair continued weakening afterwards. The downward pressure lost its legs at 1.2850. The resistance is seen at 1.2900, the support stands at 1.2800.

We are short-term bearish now. We expect the GBP/USD pair will test 1.2800 soon.



Yen

The US dollar was well offered on Thursday. Sellers pushed the price to the 114.00 barrier in the early trades. The pair broke the level in the late European session. The downward impetus faded at 113.50. The current resistance is seen at 114.00, the support exists at 113.00.

The overall picture remains positive. The current decline is considered corrective. The pair may test 113.00 in the coming sessions.

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