Britain And EU Strike Brexit Deal; EUR And GBP Up?
FxGrow | Dec 08, 2017 03:31AM ET
The EU and UK managed finally to reach a deal and move forward with Brexit as major news sources has just headlined as a breaking news. As a result, expectations for more upward action for British pound and some upward corrections as a retracement for the euro. On the other hand, U.S. will release major data today with NFP taking center stage.
GBP/USD technical overview:
Closing price: 1.3473
Trend: Sideways / Up
Target price: 1.3590?
Resistance levels: 1.3505, 1.3590-1.3667
Support levels: 1.3418, 1.3353*-, 1.3290
Trend reversal price: 1.3353
Comment: Overall the market is short term bullish. A close over 13505 will rekindle bull trending to reach previous peaking levels at 1.3612+. A close over 1.3667 is bullish for moves to 1.3860. Be prepared for a near term slip and congestion inside the upper half of yesterday's range. Stable action over 1.3400+ suggests a build up for rallies. A close under 1.3353* highlights a topping turnover and chance for declines along 1.3200.
EUR/USD Technical overview:
Closing price: 1.1772
Target price: 1.1760 ( Achieved)
Resistance levels: 1.1836, 1.1876-1.1897*
Support levels: 11760-50, 11700-
Trend: Sideways / Down
Trend reversal price: 1.1897
Comment: The choppy slide this week is shifting the short term trend bias down and warns for a larger unfolding selling wave to 1.1760-/1.1700. Trade is poised for selling pressures today. Trade may recover for near term congestion just over 1.1800+. However, a close over 1.1897* is needed to highlight a reversing upturn form corrections to launch a fresh bull wave near 1.2000+.
U.S. Dollar Index Technical Overview:
DEC US DOLLAR
Closing price(9378)
Target price: 94.05
Resistance levels: 93.89, 94.055*
Support levels: 9343, 9318, 9294*
Trend: Sideways / Up
Trend reversal price: 92.94
Comment: The market has worked into a short term bottoming / bullish pattern and targets rallies to 94.055* resistance to challenge for a larger upturn. A close over 94.055* is bullish. Any minor dips should level off into sideways basing action off the low 93.00 area. A close under 92.94* is needed to reverse back to lower prices.
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