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CURRENCIES TECHNICAL ANALYSIS January.03
2017-01-03 07:11:45
Euro
The euro closed bearish last week. Sellers seized control and pushed prices lower on Friday. The pair broke the level 1.0550 and headed towards 1.0500. The resistance is seen at 1.0550, the support stands at 1.0500.
If the price remains below 1.0550 sellers will extend their gains towards 1.0450. A return above 1.0550 would generate positive signal and risk further strengthening towards 1.0650.
Pound
The pound switched its positive sentiment to the negative one. After posting a weekly high at 1.2385 the price retreated erasing its recent gains. Sellers moved the major downwards heading towards its immediate support at 1.23. The current resistance is seen at 1.2400, the support lies at 1.2300.
A move below 1.23 will confirm sellers' presence. In this scenario sellers may drag prices below 1.23 towards 1.22.
Yen
The pair had a mixed day on Friday. USD/JPY was growing in the Asian session and reversed its direction in the mid-European one. After posting a daily high at 117.18 the price turned around and softened. The resistance is at 117.00, the support comes in at 116.00.
If the price remains above 116.00 the upbeat tone will persist towards 117.00 and 118.00. A failure to hold above the level will suggest a new wave of weakness towards 115.00.
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