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Technical Analysis for 11/11/2016

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Technical Analysis for 11/11/2016

Technical Analysis for 11/11/2016
November 11
09:00 2016

EUR / USDEURO US DOLLAR

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The anxiety about Trump-the-president calmed down. Investors are doing their best to concentrate on other less emotional factors. For example, among them there are such as the increase of the economic growth and the key Fed rate.

But the currency pair EUR/USD is still having hard times.

The first shock is over, and the dollar price started stabilizing. Even there was a hope, though a very vague one, that the dollar price would grow. But again, that was not the case.

During the European session the euro was at the neutral level. Though, there were negative moods, too. But before the American session started, changes had come. After the breakout at 1,09 the pair still doesn`t want to stop. It is expected that it will fall to the level 1,08, but the next target for the euro is 1,0750. Quotations will stay lower than 1,10.

RSI stays in the overbought zone, but it is going to test the support level. MACD is still negative.

Hence, “bears” have all chances to form an intense movement upwards. If the bearish mood will be kept, the currency pair EUR/USD will continue falling.

GBP / USDBRITISH POUND DOLLAR

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Election results in the USA caused a total mess in financial markets. All were waiting for big changes in the policy and economy. And this influenced the currency pair GBP / USD.

First, the sterling moved to the maximum level that was observed this month – to 1,2550. But that was not for long. With the same speed the currency pair changed its direction.

The sterling price still stays by the lower line of the descending channel. RSI is still in the neutral zone. But the ascending trend will not continue for long. And this means that quotations will start falling as well.

All moving averages are still in the neutral zone as well. The support is at the level 1,2400, while the resistance is at the level 1,2500.

The sterling moved away from the overbought zone. But this is not enough to hope that it will grow. If the currency pair recovers, it is probable that it will test 1,2500 level. If this effort of “bulls”  fails, the currency pair will start falling. And that will mean the end of the ascending trend. Then, we can expect falling even to the level 1,2300.

USD / JPYUS DOLLAR JAPANESE YEN

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The fuss around the results of the presidential elections in the USA calmed down. The situation in markets is being stabilized. And investors again have a wish to risk.

Hence, the need to find the safe currency – in our case the Japanese yen, disappears. And this causes a very complicated situation in the market.

Thus, after the elections results were announced, the currency pair USD / JPY was traded at the maximal level. The price moved further from the level 105,00 and climbed higher, up to 106,00. During the Asian session a descending trend was observed , but only for a very short time. The sellers were trying to protect the 106,50 level, but “bulls” ignored their attempts. Before the end of the American session, the pair grew to the level 107,00.

RSI is close to the overbought zone. MACD is growing. Hence, the currency may go on growing, to the level 107,00. And further, if the growth continues, a move to the 105,50 level is expected.

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