The Euro remained under pressure in Asia

<p>  EUR/USD Range: 1.3836 – 1.3928 Support: 1.3805 Resistance: 1.3975 The Euro remained under pressure in Asia having dropped more than 80 pips against the Greenback since the […]</p>

 

EURUSD

EUR/USD

Range: 1.3836 – 1.3928
Support: 1.3805
Resistance: 1.3975
The Euro remained under pressure in Asia having dropped more than 80 pips against the Greenback since the open, setting a fresh 7 day low at 1.3836. EURUSD continues to trade close to the lows, currently around 1.3870 which consolidates a 0.40% daily loss. It is amazing what a week can do; as this time last week all the talk was about the Fed’s stimulus package, however the focus has now changed, with more and more reference to the record 10 year spreads on Irish debt, and fading confidence within Spain, Greece and Portugal.

 

 

USDCAD

USD/CAD

Range: 1.0030 – 1.0065
Support: 1.0010
Resistance: 1.0155
The Loonie lost ground against the Dollar yesterday, on the back of weaker than expected Housing stats (a total of just 168K). Most of the CAD weakness can be attributed to a slight drop in crude oil prices, which until the middle of last week had enjoyed a very strong run higher in November. Tomorrow will prove a critical day for the pair as the BoC Governor, Carney will discuss financial reform.

 

USDJPY

USD/JPY

Range: 80.71 – 81.23

Support: 80.60
Resistance: 82.00
The Yen is losing momentum once again, after the strong spike seen earlier this Morning. USDJPY dropped around 50 pips toward 80.75 before rebounding. USDJPY has slowly recovered part of the lost ground and is back around the 81.00 price zone, where it posts a 0.21% loss thus far. The upside seems limited at the 81.60 resistance level; a break of this level is needed to swing bias higher and set up a retest of the 82.00 level. On the downside a break of 80.50 is needed to test the 80.20 region.

Join our live webinars for the latest analysis and trading ideas. Register now

GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.