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Daily Technical analysis for December 17, 2020

EURUSD

The EURUSD is moving in an upward direction on the hourly interval. The pair rose close to its first target 1.2170. The pair is currently trading below this resistance, and we expect that if the pair succeeds in breaking it, it will rise to 1.2220 – 1.2250, as long as it does not stabilize below 1.2050.

Resistance levels: 1.2220 – 1.2300 – 1.2500

Support levels: 1.2170 – 1.2100 – 1.2000 

Trend: Bullish

GBPUSD

The GBPUSD pair is moving in an upward direction on the hourly interval, where the pair succeeded in climbing to the first target at 1.3500. We expect that in the case of maintaining trading above 1.3500, it will rise to 1.3600 and the next target will be 1.3700, provided that it is not trading below 1.3400.

Resistance 1.3500 – 1.3600 – 1.3700

Support: 1.3300 – 1.3250 – 1.3200

Direction: Bullish

USDJPY

The USDJPY pair is moving upwardly on the hourly interval, as the pair traded near the support area for the sideways trend formed between 103.00 and 103.50, and we expect that in the event of continued trading above this area, it will target resistance at 104.20, then 104.80.

Resistance 103.90 – 104.20 -104.70

Support: 103.50 – 103.00 – 102.00

Trend: Sideways

Gold

Gold is moving in a sideway direction on the hourly interval. Gold rose from the support of 1820, recording 1870 in recent trading. We expect that the resistance area of ??1870 to 1880 will succeed in stopping any upcoming rise in gold, and that it trades casually between 1880 and 1820.

Resistance: 1880- 1900- 1950

Support 1840- 1820- 1780

Trend: Sideways

Oil

Oil (Brent crude) is moving in an upward 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: Bullish

Source: Technical analysis

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