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CURRENCIES TECHNICAL ANALYSIS December.02

Euro

The EUR/USD pair closed bullish on Thursday. After a short-lived recovery the price hovered above 1.0600 during the day. The common European currency moved upwards in the mid-US session. Traders broke 1.0650 and closed the day above the level. The resistance is seen at 1.0700, the support stands at 1.0650.

We expect the euro to extend its losses. The pair needs to break the level 1.0600 first to reach 1.0550. Conversely, a consolidation above 1.0650 will ease the downward pressure and will open the way towards 1.0700.
02_12_2016-eurusd
Pound

The pound closed in the green figures yesterday. The price grew and refreshed November high at 1.2700. After testing the level prices rolled back and closed the day below 1.2600. The current resistance is seen at 1.2600, the support exists at 1.2500.

If buyers consolidate above 1.2600 the pair may extend its gains towards 1.2700. Otherwise, the GBP/USD may roll back to 1.2500.
02_11_2016_gbpusd
Yen

The USD/JPY pair slightly changed on yesterday’s trades. The pair traded in a narrow range above 114.00. The 115.00 level seems to be defended by sellers who reject prices downwards on any up-move. The resistance is at 115.00, the support comes in at 114.00.

The price met a barrier around 115.00. Once we break above the level, we think that the 116.00 mark will be next. As the pair is slightly overbought we expect bulls’ profit taking towards 113.00.

02_12_2016-usdjpy

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