Technical Analysis

Daily Technical analysis for December 13, 2019

Daily Technical analysis for December 13


The EURUSD pair rose strongly yesterday from 1.1110 levels, as we expected, the pair now faces a resistance level at 1.1175 and the upper limit of the bullish classic channel, so we may see a corrective decline for the pair in the coming hours.

Resistance levels: 1.1175 - 1.1210 - 1.1260

Support levels: 1.1110 - 1.0990 - 1.0940

Trend: Bullish



The GBPUSD rose strongly during the past hours as a result of the Parliamentary elections in Britain. The pair has an open way to target 1.3500 areas as one of its first targets.

Resistance 1.3500 -1.3600 - 1.3650

Support: 1.3250 - 1.3120 - 1.2960

Trend: Bullish



The USDJPY broke through the triangle pattern on the hourly interval and currently moving in an upward direction, but it faces a strong resistance level at 109.70 so we may witness a correction within hours and then it will provide a buying opportunity to complete the upside direction.

Resistance: 109.70 - 110.00 - 110.50

Support: 108.90 - 108.30 - 107.90

Trend: Bullish



Gold fell yesterday, as we expected, after touching the upper border of the bullish classic channel on the hourly timeframe, which is compatible with the resistance level of 1478. We are currently waiting for a positive price behavior at the lower border of the channel to buy again.

Resistance: 1495 - 1515 - 1540

Support: 1445 - 1430 - 1420

Trend: Bullish



Oil rose yesterday and breached the resistance level of 58.80, which turned into a support level. In the event of stability above it, oil price will target the level of 62.50, and if it is broken, the target will be 53.75.

Resistance 62.50 - 65.00 - 68.00

Support: 58.81 - 53.75 - 51.45

Trend: Bullish


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