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CURRENCIES TECHNICAL ANALYSIS May.18

Euro

The EUR/USD had another positive day on Wednesday. The major rallied during the day and set a fresh daily high at 1.1150. The resistance is seen at 1.1150, the support stands at 1.1100.

We preserve our short-term bullish outlook. We will keep buying the EUR/USD pair until it stays above 1.1000.



Pound

The pound was strong on Wednesday. The pair now seems to be heading towards its immediate resistance near
1.3000. Buyers approached the hurdle but failed to retake the level. The current resistance is seen at 1.3000, the support exists at 1.2900.

We believe buyers will stay in control in the short-term. A clear break above 1.3000 will confirm buyers’ strength sending this market to 1.3050 first.



Yen

The US dollar remained well offered on Wednesday. The sellers managed to lead the price from 113.00 through 112.00 towards 111.00. The pair reached 111.00 when the downward pressure lost its legs. The resistance is at 112.00, the support comes in at 111.00.

A break below 111.00 will keep sellers in the driver's seat. Sellers may drive prices to 110.00 in this case.

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