We're Watching Gold Price, EUR/USD And GBP/USD

December 27, 2019

London (Dec 27)  Crude Oil Inventories: Crude oil stocks today to be published in the U.S and it is expected to decline by -1.724M this week. If we look at last week’s data; oil stocks dropped by -1.085M barrels. It will be important for oil prices.

Technical Analysis:

EUR/USD: The EUR/USD pair jumped back up above the main level of 1.1114. If the price stays above 1.1114, on a four hourly basis, the rise may gain more power and we will watch 1.1165 as a resistance level. On the downside, if the price drops below 1.1114, we will follow the next support level at 1.1052

Support : 1.1114 - 1.1052 - 1.0979

Resistance : 1.1165 - 1.1237 - 1.1307

GBP/USD: The GBP/USD pair rose above the 1.2947 key support level yesterday. In the event that the upward movement continues, the daily resistance level can be found at 1.3046. In contrast, if the pair drops below 1.2947, the next support level can be seen at 1.2838.

Support: 1.2947 - 1.2838 - 1.2768

Resistance: 1.3046 - 1.3136 - 1.3231

GOLD: The gold price showed an upward movement yesterday and reached the main resistance level of 1509. In order for the rise to gain more momentum, it needs to break out and stay above 1509 on a four hourly basis. In this case, the next daily resistance level can be seen at 1524. Otherwise, the key support level can be seen at 1492 again.

Support: 1492 - 1478 - 1466

Resistance: 1509 - 1524 - 1540

USD/CAD: The USD/CAD pair showed a downward movement and dropped below the 1.3123 major level. If the pair stays below 1.3123 on a four hourly basis, the fall may gain more power and we will see the support level at 1.3071. On the upside, if the price rises above 1.3123, the next resistance level will be at 1.3181.

Support: 1.3071 - 1.3009 - 1.2942

Resistance: 1.3123 - 1.3181 - 1.3233

EUR/JPY: The EUR/JPY pair showed an upward movement above the key support level of 121.59. If the rise continues above 121.59, we will watch the key resistance level at 122.37. On the downside, if the pair moves down below 121.59, the next daily support level will be at 120.75.

Support: 120.75 - 120.13 - 119.49

Resistance: 121.59 - 122.37 - 123.14

USD/TRY: The U.S. dollar stayed strong versus the Turkish Lira this week. If the USD/TRY upward movement continues, we will watch the resistance level at 5.9763. On the other hand, if the pair moves down, the daily support level can be found at 5.7679.

Support: 5.7679 - 5.6027 - 5.4538

Resistance: 5.9763 - 6.1475 - 6.3364


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