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CURRENCIES TECHNICAL ANALYSIS December.05

Euro

The common European currency showed mixed trades on Friday. The euro extended its recovery in the Asian session. However, the recovery stalled below 1.0700 where buyers seemed to have met sellers’ resistance. Sellers defended the level and rejected prices to the 1.0650 region in the European session. There was a bullish spike at the NY open which faded at 1.0683. The current resistance is seen at 1.0700, the support lies at 1.0650.

The 1.0700 level limited euro further gains. A break above the level will open the way towards 1.0750. A daily closed below 1.0650 will ease the upward pressure. The pair may decline back to 1.0550.
05_12_2016-eurusd
Pound

The pound had a positive day on Friday. The pair maintained its bid tone extending its gains towards 1.2700 during the European hours. The pound took out the level in the NA session and refreshed multi month highs at 1.2727. The resistance is at 1.2800, the support comes in at 1.2700.

If the GBP/USD pair remains above 1.2700 buyers may climb to 1.2800. A move below the level will neutralize the upward momentum sending prices downwards.
05_12_2016-gbpusd
Yen

The USD/JPY pair was neutral/negative on Friday. The price gave up its recent gains and slightly weakened. After a consolidation phase during the night traders pushed prices lower. The pair broke the level 114.00 and headed to 113.00. The resistance is seen at 114.00, the support stands at 113.00.

A daily close below 113.00 will put on hold bulls’ plans. The level 113.00 may stop the dollar weakening as it is the lower limit of the upward structure. A failure here will send prices downwards towards 111.00.

05_12_2016-usdjpy

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