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CURRENCIES TECHNICAL ANALYSIS December.19

Euro

The euro took advantage of the US dollar weakness and reversed some of its early losses on Friday. The price retreated to 1.0450 where an upward momentum faded. The euro bounced from the mark and rolled back staying around 1.0450 till the end of the trades. The resistance is seen at 1.0450, the support stands at 1.0400.

As the most probable scenario, we consider further moving downwards towards the level at 1.0400.

19_12_2016_eurusd

Pound

The pound retreated from its recent highs and rallied to 1.2500 on Friday. The level appeared to be a solid obstacle to break and the price just tested the level and rolled back. The current resistance is seen at 1.2500, the support lies at 1.2400.

We believe the pound will extend its weakness in the short-term. The GBP/USD pair will return to 1.2400 and move further to 1.2300.

19_12_2016_gbpusd

Yen

The price remained in an ascending channel on Friday. The USD/JPY pair spent the day on a narrow range around 116.00. The resistance is at 116.00, the support comes in at 115.00.

A move below 117.00 will signal the presence of sellers who may drive prices towards 115.00. Only a fixation above 116.00 will help buyers to stay in the driver’s seat.

19_12_2016_usdjpy

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