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Daily Technical analysis for December 10, 2020

EURUSD

The EURUSD is moving in an upward direction on the hourly interval. The pair fell to its first target of 121.00 and rebounded from it, and we expect it to re-test the resistance area 1.2170-1.2220 in the coming hours.

Resistance levels: 1.2170 – 1.2220 – 1.2300

Support levels: 1.2100 – 1.2000 – 1.1930 

Trend: Bullish

GBPUSD

The GBPUSD pair is moving in an upward direction on the hourly interval. The pair rose to achieve its first target and close to the second target, where it is currently trading near a major support area. We expect it to rise again targeting 1.3400 then 1.3500, provided that it does not trade below 1.3200.

Resistance 1.3400 – 1.3450 – 1.3500

Support: 1.3300 – 1.3250 – 1.3200

Direction: Bullish

USDJPY

The USDJPY pair is moving upwardly on the hourly interval. The pair rose, achieving its first target at 104.20, and we expect it to continue rising towards the upper bound of the sideways trend at 104.80, provided that price remains above 103.50: 103.90.

Resistance 104.70- 105.00- 105.60

Support: 104.20 – 103.50 – 103.00

Trend: Sideways

Gold

Gold is moving in a bearish direction on the hourly interval. The aforementioned resistance area succeeded in stopping the rise of gold and pushed it from the level of 1875 to the level of $1825.

Resistance: 1840-1860-1880

Support 1820–1800–1760

Trend: Bullish

Oil

Oil (Brent crude) is moving in a sideway direction on the one-hour timeframe. Oil rose to near its third target of $50.00 and is currently trading near a major support area between $48.00 and $47.00. We expect that in the case of maintaining trading above the aforementioned support area, it will rise again targeting the level of $50.00 then $52.00.

Resistance 49.00 – 50.00 – 52.00

Support: 48.00 – 46.50 – 45.00

Trend: Sideways

Source: Technical analysis

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