Technical Analysis

Daily Technical analysis for December 11, 2019

Daily Technical analysis for December 11


The euro continued to rise against the US dollar, as we expected yesterday, until the 1.0985 price level, which represents a resistance area along with the level of 1.1110. It is not preferable to buy the euro against the dollar unless it closes a four-hour candle at the top of this area.

Resistance levels: 1.1055- 1.1095- 1.1175

Support levels are 1.0990- 1.0880 - 1.0780

Trend: Bullish

"Please note that the US Federal Reserve is scheduled to meet today to determine the US interest rates and it is possible that the market will witness a violent movement, so please be careful."



The GBPUSD broke the bullish wedge pattern on the one-hour timeframe and may continue falling if the price fell below the 1.3180 resistance level.

Resistance: 1.3180- 1.3200 - 1.3250

Support: 1.2760 - 1.2660 - 1.2550

Trend: Bullish



The USDJPY broke through the triangle pattern on the hourly interval and currently moving in an upward direction, as shown in the following image. It is better to wait until it breaches the resistance level of 108.90 before buying.

Resistance: 109.00 - 109.50 - 110.00

Support: 108.30 - 107.90 - 107.30

Trend: Bullish



On the hourly interval, gold is moving in an upward direction, the price is now close to the lower boundary of the descending classical channel. We are waiting for the formation of a suitable price behavior to buy and then we can target 1478 level.

Resistance: 1495 - 1515 - 1540

Support: 1445 - 1430 - 1420

Trend: Bullish



Oil is moving in an upward direction on the hourly interval, but the price is close to the resistance level of 58.81 and corresponds to the upper limit of the bullish classic channel, with a negative price divergence, which supports its decline within hours.

Resistance: 58.75 - 62.50 - 65.00

Support: 53.75- 51.45 - 50.00

Trend: Bullish