Technical Analysis of EURUSD, GBPUSD, USDJPY

Let’s check the most important levels of the main currencies. We have seen a strong dollar during the last two weeks.

Euro

    Source: TradingView, EURUSD Dec 17 Futures

We can see that the dollar has been rising in the last sessions. The US macroeconomic data is strong and the FED officials confirmed that they will keep raising the interest rates and they will start to taper the buying of government bonds and other assets to support the economy. On the other hand, we have Europe, which has improved a lot since last year. The weakest leg is that European inflation is not increasing as the BCE would like. I can see a strong resistance around 1.17235. We can see the shade created on the Friday´s candle. If it fails to break this support, it will look for the first resistance at 1.18020. These are the levels I consider important:

Resistance 3	1.20965
Resistance 2	1.19550
Resistance 1	1.18020
Support 1	1.17235
Support 2	1.15460
Support 3	1.14435

GBP

    Source: TradingView, GBPUSD Dec 17 Futures

The British Pound has suffered a big fall since the double top in the middle of September. As I comment before it has been driven by the strong US macroeconomic figures. I´d like to add that Kevin Warsh popularity is soaring a he can become the next FED president. Considering him as a hawkish, his election will boost the USD. The UK is negotiating the Brexit with Europe, this can add uncertainty to the GBP. This contract has broken the 20 and 50 EMA and it’s near the 200 EMA. Maybe this is not relevant for trading but it´s one of the things that the people look at. These are the levels I’m looking:

Resistance 3	1.3615
Resistance 2	1.3283
Resistance 1	1.3153
Support 1	1.3066
Support 2	1.2952
Support 3	1.2848

JPY

   Source: TradingView, JPYUSD Dec 17 Futures

This is one of my favourite currency pairs. It moves really well according to fundamentals and technical levels. I expect that the USD will raise vs the JPY. It´s above the exponential moving averages and fundamentally is strong.  I would be surprised if the price goes back to  1.12 and then looks for the 1.1340s level.

I´ve quoted this contract in JPYUSD instead of USDJPY, this is why I’ve included two columns with prices:

Resistance 2	0.88160	1.1343
Resistance 1	0.88835	1.1257
Support 1	0.89905	1.1123
Support 2	0.90945	1.0996
Support 3	0.92225	1.0843

Have a good trading.

Disclaimer

I wrote this article myself, and it expresses my own opinions that shouldn't be used as a trading advice. Trading carries considerable risk due to the high leverages involved