Forex4you Technical Analysis 15/12/10

EUR/USD: Technical Analysis

Key resistance 1.3450/60 proved its strength and didn't let the price go further, so it returned to a decline. Indicators are turning down, though the readings are still unclear and vague. Considering this fact, we recommend to be cautious regarding future outlook. Fall and fixation below 1.3320/10 will initiate further decline to 1.3150/40 with a possible fall to the lower supports at 1.3050/60, 1.2980/70. Reversal up, above 1.3400/10 means that the "bullish" potential is still there. If so, we'll be expecting new attempts to rise above 1.3450/60.



GBP/USD: Technical Analysis

Attempts to go beyond level 1.5900/1.5890 failed, so the price returned to 1.5710. This level has been quite a good support recently, as well as today - the level has prevented the "bears" from further decline, so the price bounced to 1.5340/45, where it currently resides. Indicators suggest a downward movement. In this case it's worth considering support 1.5310/00 breakout as a signal to further decline to minimums at 1.5480/90, with possible stops at 1.5650, 1.5590, 1.5530. A reversal to the "bullish" trend is only possible if the trading rises above resistance 1.5840.



USD/JPY: Technical Analysis

Reversal below support 83.90 triggered not only further decline to 83.40, but also initiated a plunge to 82.90/80. This support has stopped the "bears", so the trading is now carried out at 83.80/95. To proceed with their growth the "bulls" have to pass a challenging range 83.95 – 84.40. Indicators are being unclear, which suggests a possible sideways correction with support at 83.60/50. The breakout of the above mentioned key resistance will give reasons to expect growth to 84.80/85.00. Level 83.40/30 breakout is likely to initiate a new fall to level 82.80/90 .




Analysis by: Forex4you.com written by Forex4you analyst

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