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Daily Technical analysis for December 3, 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 fell towards the aforementioned target yesterday, reaching 1.3300, and we expect that in the event of a breakout of the resistance area of 1.3370: 1.3400, it will continue rising, targeting 1.3500.

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 rose in previous hours, achieving its first target at 104.60, where it started to decline. We expect it to continue its decline, targeting the 104.20 support level.

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. Gold succeeded in breaching the $1820 resistance and we expect it to continue rising, targeting the level of 1840, which it may begin to decline from it to retest the breached resistance.

Resistance: 1820-1890-1950

Support 1820- 1800- 1750

Trend: Sideways

Oil

Oil (Brent crude) is moving in a sideway direction on the one-hour timeframe. Oil rose to its bullish target of $48.00, and we expect it to continue rising, targeting the level of 48.90 then $ 50.00.

Resistance 49.00 – 50.00 – 51.00

Support: 46.50 – 45.00 – 42.50

Trend: Sideways

Source: Technical analysis

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