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CURRENCIES TECHNICAL ANALYSIS May.19

Euro

The pair was under pressure on Thursday. The spot was negative the whole day. Sellers pushed the major to 1.1100 in the European session and tried to retake the level during the evening hours. The resistance is seen at 1.1150, the support is at 1.1100.

The price remained in an upward channel. The EUR/USD pair touched its lower limit and may bounce back to retest 1.1150 again.



Pound

The British pound maintained its bid tone on Thursday. Buyers retook 1.3000 in the morning and posted a daily high at 1.3046 later the day. However, they failed to maintain control after all and gave up their gains in the NY session. The major sharply dropped and tested 1.2900 in the mid-NY session. The current resistance is seen at 1.3000, the support exists at 1.2900.

Inability to retake 1.3000 may turn this market bearish. If sellers preserve control the pound will decline towards 1.2800.



Yen

USD/JPY remained in the red territory yesterday. The pair was flat and traded between 110.70 – 111.40 during the day trades. Buying interest emerged in the evening when bulls started moving the price upwards. The resistance is at 112.00, the support comes in at 111.00.

If the pair stays above 111.00 we expect to see renewed bullish pressure towards 112.00.

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