The euro gapped higher at the open on Monday. The pair jumped to 1.0463 where the upward impetus lost its legs and the currency pair reversed downwards. The resistance is seen at 1.0450, the support stands at 1.0400.
We believe the downward scenario will remain intact in the short term. EUR/USD may extend its downward trajectory if it stays below 1.0450. A close below the level will trigger losses towards 1.0400.
The bearish scenario remained intact on Tuesday. The price stays in a short-term downward channel close to its lower limit. The current resistance is seen at 1.2300, the support lies at 1.2200.
Technically the pair is oversold. We expect some recovery on the back of profit-taking. Buyers need to break above 1.2300 to erase their recent losses. The GBP/USD pair may recover to 1.2350. On the other hand a stronger dollar may extend its gains. The price shall soften to 1.2200 in this case.
The USD/JPY pair closed last week bearish. Sellers were able to reverse some losses and pushed prices to the level 117.00. However, buyers still dominate in the market. The ongoing correction is nothing more than some profit taking before the end of the year. The resistance is at 118.00, the support comes in at 117.00.
Sellers need to break below 117.00 to extend their gains. If the level stands a fresh buying interest will push USD/JPY to 118.00, en route 119.00.
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