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DAILY TECHNICAL ANALYSIS FOR DECEMBER 08, 2021

EUR/USD

Current level – 1.1288

The situation with the currency pair remains unchanged as the downward movement during yesterday’s session was limited above the support zone at 1.1200. At the time of writing, the single European currency continues to rise in value against the U.S. dollar, with the most likely scenario remaining for a test of the resistance at 1.1300. However, the market sentiment remains neutral for the moment and the movement of the currency pair is very likely to remain bound within the range of 1.1260 – 1.1360. There is no planned economic news today that would affect investors’ sentiment.

USD/JPY

Current level –  113.45

The U.S. dollar managed to recover some of its recent losses against the Japanese yen, but in yesterday’s session, the bears limited the appreciation below the 113.80 resistance level. It is possible that we will witness a range move in the range between 112.75 – 113.80. The data on the gross domestic product for Japan failed to stir any significant action on the market and investors are now turning their attention towards the announcement of the data on the consumer price index for the U.S. (Friday; 13:30 GMT).

GBP/USD

Current level – 1.3255

The sell-off was limited down to the support level at 1.3200, followed by a partial recovery towards the zone of the first significant resistance at 1.3296, which is projected to be the first goal for the bulls in today’s session. On the other hand, if investors fail to gain enough momentum, we may witness another breach attempt of the mentioned support zone. If the second test is successful, we may expect another reduction in the price towards the next significant support areas at 1.3100 and 1.2800.

Gold price loses momentum 

Gold price shows calm positive trades to test the EMA50, accompanied by stochastic loss to the positive momentum clearly and showing overbought signals, waiting to motivate the price to resume the expected bearish trend on the intraday basis, which targets testing 1770.00 level initially, reminding you that breaking this level will extend the bearish wave to reach 1734.00.

In general, we will continue to suggest the bearish trend for the upcoming period unless the price rallied to breach 1797.00 and hold above it.

The expected trading range for today is between 1765.00 support and 1800.00 resistance.

The expected trend for today: Bearish

Source: Technical analysis

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