News & Analysis
Eightcap Forex technical insights – 11/12/17
EURUSD – daily, found buyers last Friday after getting close to testing 1.1717 support level. Buying has continued today. From the previous test on 21/11/17 we can see a higher low that’s setup with hidden divergence . Friday’s failed low suggests buyers are back in control. We would like to see 1.1755 hold for buyers moving forward. 1.1820 above looks to be be the first level sellers may start to offer resistance.
USDJPY – daily, after three solid sessions of buying, buyers have returned to 113.70 previous high. This level acted at resistance on the 10th – 14th of November and became failed support. Very mild hidden divergence has developed, we think the level holds more potential than the divergence at this point. This is a developing resistance point. Traders need to give this area time to confirm that sellers are shifting the imbalance their way.
GBP – Fell on Friday as a Brexit phase one deal was reached for the divorce settlement. Today, surprisingly we’ve seen gains on the Cable and on the crosses. Friday showed signs we may see failed highs on a few pairs. Buyers are defying that idea today. If we see new lower lows tonight deeper corrections may kick off for the GBP. At this stage those idea’s a still a fair way off.
Good trading from Eightcap
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