Stock market quotes, forex, financial news, forex tools –

Technical Analysis for 5/12/2016

 Breaking News

Technical Analysis for 5/12/2016

Technical Analysis for 5/12/2016
December 05
09:00 2016



The Euro is falling. Investors are still waiting for the consequences of the Italian referendum, but the Euro started falling immediately after the Prime Minister of Italy Matteo Renzi told that he would quit his position if the Italians didn’t support him.

On Friday the Euro climbed to the level 1,0700. But the currency did not manage to pass it. The EUR / USD pair started dropping. Before the start of the American session, the pair tested the level 1,0650. There, the currency pair EUR / USD moved from the moving average upwards.

The support is at the 1,0650 level. The resistance is at the level 1,0700. MACD is growing. RSI is in the overbought zone. The bearish trend will stay in the market. The Euro, most likely, will continue falling till the level 1,0500. There is a chance of the growth till the level 1,0750, but with each hour that chance is less and less likely to happen.



The index of managers for the construction sector has grown till the maximum level during the last 7 months. This caused the growth of the British currency. The drop of the US dollar also provided some support for the European currency.

The British currency dropped till the minimum during November, then it started growing again. After that, the British pound again dropped till the level 1,2600.

Some time later, the currency pair GBP / USD passed the level 1,2600 and grew to the recent maximum level, 1,2700.

The support is at the level 1,2600, the resistance – at the level 1,2700. MACD does not move from the previous level. RSI is in the overbought zone.  The growth of the RSI is expected.

The currency pair GBPUSD can grow to the level 1,2800. Though, there is a probability that the currency pair will drop under 1,2600. That will cause its further moving down till the level 1,2500 and even 1,2400.



In the morning the currency pair USD / JPY reached the maximum for the recent time. The increase of oil prices influenced the Japanese currency in a negative way, but the quotations for USDJPY started dropping.

The currency pair USDJPY is moving within the ascending channel. The support is at the level 113,00, the resistance – at the level 114,00. MACD is moving downwards. RSI left the overbought zone.

If the currency pair manages to pass the level 114,00, the next target can be 115,00.

Related Articles

1 Comment

  1. Lewis Debois
    Lewis Debois June 11, 00:59

    Technology becomes the teacher. Thanks for sharing this.

    Reply to this comment

Write a Comment