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CURRENCIES TECHNICAL ANALYSIS December.23

Euro

The EUR/USD pair closed bullish on Thursday. After a short-lived consolidation in the early trades investors broke the 1.0650 hurdle and closed the day above the level. The resistance is seen at 1.0500, the support stands at 1.0450.

We expect the euro to extend its gains amid profit taking as many traders prefer to close their short positions before the holidays. The pair needs to consolidate above the level 1.0450 first to reach 1.0500. Conversely, a move below 1.0450 will ease the upward pressure and will open the way towards 1.0400.

23_12_2016_eurusd

Pound

The pound closed in the red figures yesterday. Traders pushed the price lower towards the nearest handle 1.2300. The current resistance is seen at 1.2400, the support exists at 1.2300.

If sellers consolidate above 1.2600 the pair may extend its losses towards 1.2250. Otherwise, the GBP/USD may roll back to 1.2400.

23_12_2016_gbpusd

Yen

The USD/JPY pair slightly changed on yesterday’s trades. The pair traded in a narrow range above 117.00. The 118.00 level seems to be defended by sellers who reject prices downwards on any up-move. The resistance is at 118.00, the support comes in at 117.00.

The price met a barrier around 118.00. Once we break above the level, we think that the 119.00 mark will be next.

23_12_2016_usdjpy

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