Daily Technical analysis for December 11, 2020

11Dec11th December 2020

Daily Technical analysis for December 11, 2020

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EURUSD

The EURUSD is moving in an upward direction on the hourly interval. The pair rose close to its first target 1.2170, and we expect it to continue rising, targeting the middle boundary of the ascending channel between 1.2170 to 1.2220, and this target will remain intact unless it stabilizes below 1.2050.

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 104.20 – 104.70 -105.00

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, after oil’s success in maintaining trading above the aforementioned support zone, it rose in recent dealings, achieving its first target and approaching the second target at $ 52.00, and we expect the $52.00 target to remain in place. The next target is at $54.00, as long as it is trading above $47.00.

Resistance 52.00 – 54.00 – 56.00

Support: 50.00 – 48.00 – 47.00

Trend: Sideways