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CURRENCIES TECHNICAL ANALYSIS May.16

Euro

The euro continued moving higher on Monday and almost reached the strong psychological level 1.1000. The current resistance is seen at 1.1000, the support lies at 1.0950.

Short term bias indicates buying interest. A break above the 1.1000 hurdle will open the way towards 1.1100.



Pound

The pound traded mixed on Monday. Buyers controlled the market in the first part of the day. Bulls pushed the price to 1.2942 where they lost steam. Sellers regained the market afterwards and drove the price lower erasing all its daily gains.  The resistance is at 1.3000, the support comes in at 1.2900.

We preserve our positive outlook for the GBP/USD pair. If the major breaks above 1.2950 buyers may test 1.3000 in the coming sessions.



Yen

The pair remained in an uptrend on Monday. The price bounced from the lower limit of the upward channel and reversed some of its recent losses. The resistance is seen at 114.00, the support stands at 113.00.

A daily close above 114.00 will strengthen buyers’ positions. We expect to see a renewed bullish pressure in this case. Any move above 114.00 may spark a further strengthening towards 114.50.

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