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Daily Technical analysis for December 2, 2020

EURUSD

The EURUSD is moving in an upward direction on the hourly interval. The pair succeeded in ascending towards the target price 1.2050 after its success in entering the ascending channel again, but we expect it may start a corrective decline from that targets the level of 1.2000 again.

Resistance levels: 1.2070 – 1.2100 – 1.2200

Support levels: 1.2000 – 1.1930 – 1.1800 

Trend: Bullish

GBPUSD

The GBPUSD pair is moving in an upward direction on the hourly interval. The pair succeeded in ascending towards the target price of 1.3450, after its success in breaching 1.3350, but it may start a corrective decline from that targets 1.3350.

Resistance 1.3450 – 1.3500 – 1.3600

Support: 1.3350 – 1.3300 – 1.3200

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. The price continued to rise in its corrective movement as we expected, as it rose from the level of 1765 to 1820, and we expect that the resistance of $1820 will succeed in stopping any current rise in prices.

Resistance: 1820-1890-1950

Support 1800 – 1750 – 1665

Trend: Sideways

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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