Daily Technical analysis for December 1, 2020
EURUSD
The EURUSD is moving in an upward direction on the hourly interval. The pair succeeded in rising towards the target price of 1.2000 and then retreated, breaking the ascending channel, and now it is re-testing it. If it succeeds in trading inside it again, it will target 1.2050.
Resistance levels: 1.1960 – 1.2000 – 1.2100
Support levels: 1.1930 – 1.1790 – 1.1600
Trend: Bullish
GBPUSD
The GBPUSD pair is moving in an upward direction on the hourly interval. The pair is trading around a minor resistance at 1.3350. If it is breached, the next target will be at 1.3400 then 1.3480.
Resistance 1.3350 – 1.3400 – 1.3480
Support: 1.3300 – 1.3200 – 1.3000
Direction: Bullish
USDJPY
The USDJPY pair is moving upwardly on the hourly interval. The pair succeeded in rising from the support area for the sideways direction mentioned previously, achieving its first target. We expect it to continue rising towards 104.60, and if it breaks, the next target will be at 105.00.
Resistance 104.20 – 104.60 -105.60
Support: 104.20 – 103.60 – 103.00
Trend: Sideways
Gold
Gold is moving in a bearish direction on the hourly interval. Prices began to rise yesterday in a corrective movement, and we expect it to continue to rise to test the breached support of $1800, as a key resistance level.
Resistance: 1800- 1820- 1890
Support 1750 – 1665 – 1600
Trend: Bearish
Oil
Oil (Brent crude) is moving in a sideway direction on the one-hour timeframe. Oil fell to its bearish target of $ 47.00 and is currently trading near a major support area. We expect a rise, targeting the level of $48.00 and then $48.90.
Resistance 49.00 – 50.00 – 51.00
Support: 46.50 – 45.00 – 42.50
Trend: Sideways
Source: Technical analysis
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