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CURRENCIES TECHNICAL ANALYSIS May.15

Euro

The pair found fresh bids around 1.0850 on Friday. The major bounced off the level at noon and rallied upwards. Buyers led the euro through 1.0900 towards 1.0950. However, they failed to reach the level and the pair closed the week at 1.0932. The resistance is seen at 1.0950, the support stands at 1.0900.

We believe it is «a buy only» market now. The single currency will keep reversing its early losses targeting at 1.1000 first.



Pound

The pound remained in a fresh sideways channel on Friday. The price went back and forth between 1.2850 and 1.2900. The current resistance is seen at 1.2900, the support exists at 1.2800.

We believe the GBP/USD pair will return 1.3000 soon.



Yen

The US dollar remained under selling pressure on Friday. Sellers pushed the spot from 113.75 to 113.00 where the pair closed the week. The resistance is at 114.00, the support comes in at 113.00.

The pair is still in an upward channel. We will remain bullish until we see a break below 113.00.

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