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COMMODITIES TECHNICAL ANALYSIS January.09

Euro

The euro returned under selling pressure on Friday. After a week of recovery the market switched its direction and moved downwards. The pair pushed away from 1.0600 and reached the level 1.0550 post-European open. After a brief consolidation around the level sellers continued to grind lower. The resistance comes in at the level 1.0550, the support lies at 1.0500.

If the selling pressure persists the EUR/USD pair will break 1.0500 and move further towards 1.0450.
09_01_2017_eurusd
Pound

The upward momentum lost its strength above 1.2400. The pair faced a downside rejection and dropped below 1.2400 in the Asian session on Friday. Traders continued pushing the price lower during the European hours. The GBP/USD pair broke the level 1.2300 and continued advancing south afterwards. The resistance exists at the level 1.2300, the support stands at 1.2200.

If the price stays below the 1.2300 region the selling pressure will increase towards 1.2200.
09_01_2017_gbpusd
Yen

The market switched its sentiment to bullish on Friday. The US dollar found a decent support at 115.00 and bounced off the handle. Buyers pushed the price upwards on Friday. They broke 116.00 and tested 117.00 by the end of the trades. The resistance is at 117.00, the support comes in at 116.00.

The trend is clearly bearish for now. A move above 117.00 will open the way to 118.00.

09_01_2017_usdjpy

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