Britain And EU Strike Brexit Deal, EUR and GBP Up
FxGrow | Dec 08, 2017 03:31
The EU and U.K. managed finally to reach a deal and move forward with Brexit. As a result, the British pound is expected to show upward movement and we should see some upward corrections as the euro plots retracement. In the U.S, among major data releases today is the non-farm payroll report.
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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