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Alpha Forex: Technical outlook on the foreign exchange market 12.15.2015
EURUSD rate forecast for 12/15/2015
The euro exchange rate against the dollar EURUSD showed sharp fluctuations in the day, and after declining in the first half of the session back to opening levels, after failing to hold above the 1.1 mark. As a result of intraday movements 14-day RSI on short-term charts moved to overbought levels, approaching the neutral zone. On the daily time frame the same indicator in the area of 60 still indicates overbought, which involves the development of a downward correction.In case the initial quotation will meet support at 1.0970 and 1.0930. To continue the growth of the euro / dollar 1.1000 breakdown level required, and then the immediate objective will be the level of 1.1050.
GBPUSD currency pair showed quite a wide scale, where growth is limited by resistance at 1.5230, and a fall - day low just above the psychological level of 1.5100. At the end of the day the pair has lost about 100 points, bringing the hourly and 4-hour timeframe 14-day RSI has corrected from overbought to the neutral zone. On the daily chart also has developed a neutral technical picture, it does not signal the direction of future price movements. If downside momentum will be developed, the pair may fall to limit the levels of 1.5110 and 1.5100. In the case of a reversal immediate goals will be the levels 1.5170 and 1.5200.
USDJPY currency pair again closed trading losses, this time by updating at least the beginning of November to 120.33, where the evening session price adjusted closer to the bottom border of 120.00. Meanwhile, attempts upside capped at 121.30. On the hourly chart, after falling to around 30 points of the 14-day RSI rebounded to a neutral level, while the 4-hour and daily time frames are stored oversold signs - RSI is located in an area of 35 points. In the case of a rebound nearest resistance levels at 121.00 and 121.20 will. A further reduction will quote to 120.30 and 120.00.