DAILY TECHNICAL ANALYSIS FOR DECEMBER 10, 2021
Current level – 1.1295
During the last couple of days, the currency pair has been trading in the range between 1.1260 and 1.1366 and neither the bulls nor the bears have so far managed to take control. A confirmed breach of either of the borders of the range would set the future direction for the EUR/USD. At the time of writing the analysis, the most likely scenario is for the pair to violate the resistance level of 1.1366 and head towards a test of 1.1460. Today, increased trading activity can be expected around the announcement of the CPI data for the U.S. (13:30 GMT).
Current level – 113.46
The Ninja is facing difficulties in overcoming the resistance at 113.80 and the expectations are for the pair to decline and test the support level of 113.05, followed by the major support at 112.75. A confirmed breach of this level would lead the pair towards the next support zone at 112.00. In case the support at 112.75 resists the bearish pressure, then the range-bound trading is expected to continue for a couple of extra days.
Current level – 1.3224
The support level of 1.3206 managed to resist the bearish pressure and the forecast is for the pair to retrace and attack the resistance level of 1.3296. A successful test of 1.3296 would pave the way towards the resistance zone at 1.3360. On the other hand, an unsuccessful test of 1.3296 would strengthen the negative sentiment and lead to another test of the major support level of 1.3206.
Gold price completes negative pattern
Gold price provided clear negative trades yesterday, and completed forming bearish flag pattern that its signs appear on the chart, to get negative motive that we expect to assist to push the price to achieve the waited negative targets, which start at 1770.00 and extend to 1734.00 after breaking the previous level.
The EMA50 continues to support the expected bearish trend, which will remain valid unless the price rallied to breach 1797.00 and hold above it.
The expected trading range for today is between 1755.00 support and 1795.00 resistance.
The expected trend for today: Bearish
Source: Technical analysis