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CURRENCIES TECHNICAL ANALYSIS December.29

Euro

The euro turned negative on Wednesday. After a brief recovery in the Asian session the single European currency dropped lower. The pair broke 1.0450 and tested 1.0400 in the early NY trades. The resistance is seen at 1.0450, the support stands at 1.0400.

Sellers will probably remain in the driver's seat if they stay above 1.0450. In this scenario bears will drag prices to 1.0350.

29_12_2016_eurusd

Pound

The tone is still negative in the market. The pound faced further downside pressure and moved lower. The GBP/USD pair rebounded from 1.23 and dropped to 1.22 which appeared to be a solid barrier for the currency pair. The current resistance is seen at 1.2300, the support exists at 1.2200.

A sharp breakout below 1.2200 could spark a further incline towards 1.2100. If the level holds the GBP/USD pair may recover to the 1.2250 area.

29_12_2016_gbpusd

Yen

Fresh buying pressure around the U.S. dollar boosted USD/JPY to fresh highs. However, the growth was limited amid low volatility ahead of the New Year celebration. Traders pushed prices to 118.00 hurdle which slowed down their advance. The resistance exists at the level 118.00, the support comes in at 117.00.

The price eyes a resistance at 118.00 loss of which would trigger further gains towards 119.00.

29_12_2016_usdjpy

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