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CURRENCIES TECHNICAL ANALYSIS November.16

Euro

The EUR/USD finished the day in the red figures. An attempt to recover failed, buyers just tested 1.0800 when the pair came across a new selling interest. The common currency bounced off the level and tested 1.0700 by the end of the trades. The resistance is seen at 1.0750, the support stands at 1.0700.

We will keep selling the euro if the pair fixates below 1.0700. 1.0700 is a strong psychological level which may reject prices upwards. In this scenario the pair may recover to 1.0800.

16_11_2016-eurusd

Pound

Sentiment is firmly bullish towards the dollar. Bears pushed the price lower after a short consolidation phase during the Asian hours. The pound tested the level 1.2400 ahead of the European opening. Traders were unable to push prices lower, they bounced from the level and re-tested 1.2500. The current resistance is seen at 1.2500, the support exists at 1.2400.

A break below 1.2400 will increase the negative sentiment. Should that level break down sellers will lead the price towards 1.2300. We do not a rule out a recovery to 1.2600.

16_11_2016-gbpusd

Yen

The upward trend remained intact on Tuesday. Buyers controlled the flows and pushed the price higher above the previous day’s top. Firstly, the dollar took a breath during the Asian session, the pair stayed around 108.00. A renewed buying interest lifted the price higher in the European session. The pair grew and broke the level 109.00. The resistance is at 110.00, the support comes in at 109.00.

If the price does consolidates above the level 109.00 the pair will move towards 110.00. A move below 109.00 will trigger a downtrend. Sellers may lead prices to 108.00.

16_11_2016-usdjpy

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