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Technical Analysis for 8/12/2016

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Technical Analysis for 8/12/2016

Technical Analysis for 8/12/2016
December 08
09:00 2016



The currency pair EUR / USD stabilized right before the coming meeting of the European Central Bank. The reason is though not in the stability of the currencies, but in the inactivity of investors. They are waiting for the key event, which will influence the market in an enormous way.

On Wednesday the European currency did not manage to compensate the losses. The trades were not volatile enough. The market looked like it had fallen asleep. The currency pair EURUSD was being traded above the level 1,0700 in the first half of the day.

The support level is 1,0700, the resistance level is at 1,0750. MACD is in the positive zone. RSI is in the overbought zone. The next target of bulls is the level 1,0750. If they manage to pass it, the currency pair will move to the level 1,0800.



The pound fell in price in comparison with the dollar. The whole day the descending correction was observed. After the consolidation at the level 1,2670, the British currency started falling further.

Before the European session started, the currency pair GBP / USD tested the level 1,2600. It is expected that the currency pair will continue moving downwards.

The support is at the level 1,2600, the resistance – at the level 1,2700. MACD is falling. This indicates the weakening of the sellers` position. RSI is also moving downwards.

Most likely, the currency pair GBPUSD will move to the level 1,2500.



The growth of the Japanese currency is limited by the strong US dollar and by the absence of positive news from Japan. The bulls were in the market till the middle of the European session. After the currency pair USD / JPY had tested the maximum level over the last 10 months at the level 114,82, it started slowing down.

The currency pair USDJPY was trying to stay above 114,00, and for now the efforts have been successful.

The support is at the level 114,00, the resistance – at the level 115,00. MACD is moving downwards, though it still stays in the positive zone. RSI in neutral.

The currency pair USD / JPY is moving to the resistance level 115,00. Though, an option is possible as well – the currency pair may pass the level 114,00 as well.

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