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CURRENCIES TECHNICAL ANALYSIS December.14

Euro

The EUR/USD pair spent the day in a narrow range between 1.0600 and 1.0650. The euro softened in the yearly trades. However, the downward impetus ran out off steam around 1.0600. The price bounced off the level and returned to the opening prices. The resistance is seen at 1.0650, the support stands at 1.0600.

The exit from the current flat will determine further direction of the pair. A close above the range may generate fresh bullish signal for further advance towards 1.0700. Sellers might force the pair to resume its downward trajectory if they break the lower limit of the band.
14_12_2016_eurusd
Pound

A bullish tone prevailed on Tuesday. Bulls extended their recovery climbing to the 1.2700 region. Sellers tried to return control over the market and led prices lower in the NY session. After piercing the level 1.27 the pound rolled back to 1.2660. The current resistance is seen at 1.2700, the support lies at 1.2460.

Bears are trying to push the price lower. If they succeed the level 1.2600 may become sellers’ first target. A sellers’ failure will lead to an advance above 1.27 to 1.2770.
14_12_2016_gbpusd
Yen

The overall outlook remained bullish, however, the USD/JPY pair traded flat yesterday. The price was in a tight range of 50 pips around its recent lows at 115.00. The resistance is at 116.00, the support comes in at 115.00.

Buyers seem to have hard times to push prices higher. The loss of the 115.00 level will ease the current bid tone. After breaking below 115.00 the level 114.00 is the next sellers’ target. A move higher risks a test of 116.00 and further extension towards 116.50.

14_12_2016_usdjpy

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