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CURRENCIES TECHNICAL ANALYSIS December.12

Euro

The euro remained under heavy selling pressure on Friday. After unsuccessful recovery to 1.0628 prices sharply dropped below 1.0600 and closed the day around 1.0550. The resistance comes in at the level 1.0600, the support lies at 1.0550.

If the selling pressure persists the EUR/USD will break 1.0550 and move further towards 1.0500. Alternatively, should the price bounce off the level 1.0550 the EUR/USD may strengthen towards 1.0600-1.0630.
12_12_2016_eurusd
Pound

The pair faced further downside pressure on Friday. Traders were able to break 1.2600 but remained around the broken level. The resistance exists at the level 1.2600, the support stands at 1.2500.

If the price leaves the 1.2300 region the selling pressure will increase towards 1.2500. A daily close above 1.2600 may ease the downward pressure for a while.
12_12_2016_gbpusd
Yen

The market is still bullish. The USD/JPY remained in an ascending channel and refreshed yearly high on Friday. Traders were able to push prices higher and closed the week in the green. The price broke 115.00 in yearly trades and hovered above the level till the end of the day. The resistance is at 111.00, the support comes in at 110.00.

The pair kept growing ignoring the fact that it is overbought. A move above 115.00 opened the way to 116.00. A return below 113.00 will ease the upward pressure.

12_12_2016_usdjpy

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