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CURRENCIES TECHNICAL ANALYSIS November.17

Euro

The trend is objectively bearish now. The EUR/USD continued trading in negative ground on Wednesday. Traders led the price from 1.0750 towards 1.0650. The resistance is seen at 1.0700, the support stands at 1.0650.

Bears will probably remain in the driver's seat. Sellers aim to test the level 1.0650. A successful break below will strengthen their positions, sending the common currency to 1.0600.

17_11_2016-eurusd

Pound

The cable traded sideways yesterday. The pound retested the level 1.2500 in early trades but failed to break it. Prices retreated to 1.2400 and spent the rest of the day in its region. The current resistance is seen at 1.2500, the support exists at 1.2400.

We prefer to stay neutral for now as we believe the GBP/USD pair will be confined in the present trading range. We expect further sideways trades in the coming days.

17_11_2016-gbpusd

Yen

The pair maintained a bullish tone yesterday. Buyers lost strength around 110.00, prices stayed around fresh highs for a while and softened in the North American session. The resistance exists at the level 110.00, the support comes in at 109.00.

A failed test of the 110.00 barrier indicates to buyers' weakness. We prefer selling the USD/JPY as expect it to lose its value further. Sellers may break the 109.00 level and lead prices to 108.00.

17_11_2016-usdjpy

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