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CURRENCIES TECHNICAL ANALYSIS June.12

EUR/USD

Sellers still control the EUR/USD pair. They tried hard to regain the 1.1740 handle in the Asian session, however, the EMA50 and the EMA100 which lie below the level limited their advance. The spot jumped to the 1.1840 area where the EMA200 stopped its recovery. The technical indicators are pointing to the further downside. MACD is declining, RSI is neutral, however, the signal line is heading towards the overbought area. EMA200 is heading south while the 50 and 100 EMAs are neutral. The resistance resides at 1.1840, the support comes in at 1.1740.

Any increase in a selling pressure will help sellers to retake the 1.1740 support and will allow them to test the 1.1700 area afterwards.

GBP/USD

Sellers are still leading the pound. They reached the decent 1.3400-1.3350 support area on Monday and spent the night trying to overcome it. The EMA50 and the EMA100 seem to be protecting this area and are slowing sellers' advance. MACD is about to enter the negative territory. RSI is approaching the oversold area. The resistance resides at 1.3400, the support comes in at 1.3300.

If sellers want to extend their gains, they need to regain the 1.3300 handle first. Only then they will get a chance to lower the spot to the 1.3200 support.

USD/JPY

Buyers are still dominating in the market. The US dollar continued its positive bias versus its Japanese peer in the Asian session. Bulls pushed away from 110.00 handle and moved the spot to the 110.50 area where the buying momentum lost legs. The moving averages extended their vertical slope. MACD is growing in a positive area, RSI is overbought. The resistance resides at 110.60, the support comes in at 110.00.

The USD/JPY pair has room to extend higher to 110.60 or above. If buyers regain this hurdle, the spot will most likely move up to around the 111.00 mark.

DAX

DAX tried to reverse last week losses in the morning. Sellers pushed the index to 13600 last week where buyers regained control and had been reverting losses since then. They left behind the EMA50 and are tested the 13900 hurdle in the early European session. This area is defended by the EMA100 which rejected the benchmark downwards. DAX declined to 12800 in the second part of the European session. The resistance stands at 12900, the support is at 12800.

The pressure to the downside is likely to persist. We view the likelihood of a test of the 12750 zone right now.

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