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CURRENCIES TECHNICAL ANALYSIS November.29

Euro

The bearish momentum is back. The pair gave up last week gains and edged lower. Traders moved the price from 1.0700 towards 1.0550. The resistance is seen at 1.0600, the support stands at 1.0550.

If the bearish tone persists we expect a breakout of the level 1.0550. We do not exclude a light correction on profit-taking.
29_11_2016-eurusd
Pound

The pound returned under pressure on Monday. Bears drove the GBP/USD lower during the European hours. The price dropped from 1.2500 and met a barrier around the 1.2400 level. The current resistance is seen at 1.2500, the support exists at 1.2400.

We expect a renewed selling interest. To trigger additional downward momentum the pound has to break the level – 1.2400. In this scenario sellers may drive the price to 1.2300.
29_11_2016-gbpusd
Yen

The pair was able to recover to 112.70 during the European session on Monday. The lack of upward momentum around 112.70 stopped buyers. The price turned down and eased to 112.00. The resistance exists at the level 113.00, the support comes in at 112.00

If the downward pressure persists the price will break 112.00. The USD/JPY may extend its losses towards 111.30.

29_11_2016-usdjpy

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