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CURRENCIES TECHNICAL ANALYSIS May.17

Euro

The euro had a positive day on Tuesday. Buyers reclaimed 1.1000 and 1.1050 levels and approached 1.1100. The resistance is seen at 1.1100, the support stands at 1.1050.

The bullish momentum is likely to be regained. The price may pull back to gather steam. If the bullish tone persists we expect a break out of the current resistance and advance towards 1.1150.



Pound

The pound traded mixed on Tuesday. Buyers tried to return control in the early trades. However, fresh offers around 1.2965 sent the major to 1.2860. Sellers did not advance below the mark. The price recovered afternoon and reversed half of its daily losses. The current resistance is seen at 1.3000, the support lies at 1.2900.

The market is equally divided between sellers and buyers. It is hard to predict which way the market may go. We prefer to stay out of trades until we get clear signals.



Yen

A bearish tone prevailed on Tuesday. The pair is about to leave the upward channel. The spot is testing the upward trend line. Sellers are trying hard to break below 113.00 now. The resistance is at 114.00, the support comes in at 113.00.

A firm break below the 113.00 handle could trigger fresh weakness for attack at 112.50.

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