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CURRENCIES TECHNICAL ANALYSIS December.06

Euro

The euro had a positive day on Monday. The pair gapped lower and extended its losses at the daily open. However, the downward impetus lost its legs soon and the currency pair reversed upwards. The euro was rallying the whole day and closed around 1.0750. The resistance is seen at 1.0750, the support stands at 1.0700.

We believe the upward scenario will remain intact in the short term. EUR/USD may extend its upward trajectory to 1.0800. A close below 1.0700 will trigger losses towards 1.0650.  Sellers need to regain at least the 1.0600 zone to ease the immediate bullish pressure.
06_12_2016-eurusd
Pound

The bullish scenario remained intact on Monday. The price stayed in a short-term upward channel close to its upper boundary. The current resistance is seen at 1.2700, the support lies at 1.2600.

We preserve our short-term bullish outlook. The pair may strengthen to 1.2800. A daily close below 1.2700 will ease the current buying pressure. The pound may decline on profit-taking. GBP/USD may ease to 1.2600 and 1.2550.
06_12_2016-gbpusd

Yen

Buyers continued to dominate in the market. The price extended its gains on Monday. The USD/JPY bounced off 113.00 and advanced north. After breaking 114.00 the price extended its gains to 114.74 refreshing its multi-month peaks. The resistance is at 115.00, the support comes in at 114.00.

If the level 115.50 remains unbroken the price will roll back to 113.00. A break above this mark risks a growth towards 116.00.

06_12_2016-usdjpy

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