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CURRENCIES TECHNICAL ANALYSIS December.1

Euro

We maintain short-term bearish outlook for the pair. The euro had a negative day on Wednesday. Sellers pushed the price lower. The price broke 1.0600 and tested the 1.0550 handle. The resistance comes in at the level 1.0650, the support lies at 1.0600.

If a downward pressure persists the pair will weaken further. Should the pair consolidate below 1.0600, sellers will lead the price towards 1.0550.
01_12_2016-eurusd
Pound

The pair closed bullish yesterday. The price stayed in the range between 1.2500 and 1.2400. The pound weakened in the European session and almost reached the lower limit of the range when a fresh buying interest sent the sterling to the opening price. The resistance exists at the level 1.2600, the support stands at 1.2500.

A move above 1.2500 will increase buyers’ strength. Bulls may push prices towards 1.2600.
01_12_2016-gbpusd
Yen

Market’s positive mood persisted on Wednesday. The price moved upwards within an ascending channel. The USD/JPY pair pushed away from the lower limit of the range and climbed to its higher one. The price broke 113.00 and 114.00 and headed higher. The resistance is at 115.00, the support comes in at 114.00.

A consolidation above 114.00 will strength buyers’ positions. In this scenario buyers will lead the price to the 115.00 resistance area. We do not rule out some backward correction on profit-taking. The pair may return ti 113.00 for a while.

01_12_2016-usdjpy

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