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COMMODITIES TECHNICAL ANALYSIS November.24

Euro

The price extended its downward momentum and closed bearish on Wednesday. The pair spent 5 days in a roll in the range and finely left it yesterday. Sellers broke 1.0600 and tested 1.0550 during the European trades. The euro continued its slide in the NY session when it broke 1.0550 and moved lower. The resistance comes in at the level 1.0600, the support lies at 1.0550.

If the downward momentum persists sellers will lead the price to 1.0500. We do not rule out a short-term recovery to 1.0600.
24_11_2016-eurusd
Pound

The GBP/USD pair was under selling pressure during the day. Sellers pushed the price lower, they broke 1.2400 but failed to extend prices much further. The price unexpectedly spiked in the NA session and closed the day around 1.2450. The resistance exists at the level 1.2500, the support stands at 1.2400.

If the price returns below 1.2400 the selling pressure will increase. Sellers’ next targets are the marks 1.2350 and 1.2300.
24_11_2016-gbpusd
Yen

Market’s positive mood persisted on Wednesday. The price rallied and was able to refresh yearly highs. Traders led the pair to 113.00 through 112.00. The resistance is at 113.00, the support comes in at 112.00.

If the USD/JPY fixates above the level 112.00 the price will edge higher towards 113.00.

24_11_2016-usdjpy

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