Technical Analysis

Daily Technical Analysis for 03-12-2019

Daily Technical Analysis for December 3

EURUSD

Yesterday, the EURUSD rallied strongly to 1.0775 levels, which is very close to the 1.1095 resistance level, so we expect a downside correction today to retest the breached downtrend line.

Resistance Levels: 1.1055- 1.1095- 1.1175

Support levels: 1.0940 - 1.0880 - 1.0780

Trend: Bullish

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GBPUSD

The GBPUSD is moving in a volatile direction on the hourly interval forming a triangle pattern, where it is currently hovering near the upper side of the pattern. Therefore, we expect the price to fall to 1.2840.

Resistance: 1.2965-1.3050 -1.3150

Support: 1.2760 - 1.2660 - 1.2550

Direction: Volatile

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USDJPY

The USDJPY is moving in an uptrend despite its sharp drop the previous session, but it is close to the support level of 108.90. Thus, we should wait before activating a buy order.

Resistance: 109.00 - 109.50 - 110.00

Support: 108.90 - 107.90 - 107.30

Trend: Bullish

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Gold

On the hourly timeframe, gold is moving in a bearish direction and the RSI is indicating overbought areas. It is preferable to wait for the price to reach 1475 levels to sell.

Resistance: 1475 - 1495 - 1515

Support: 1445 - 1430 - 1410

Direction: Bearish