EU Session Bullet Report – Oil recovers slightly as GOLD rises to 1080

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Markets continue trading in tight ranges due to the limited volatility attributed to the festive season. As yesterday it was the official calendar beginning of winter, Oil (+0.64%) managed to edge higher on speculation the winter season will drive up demand. As a result the drop of commodity prices (CAD mostly) was halted and USDCAD dropped from its multi-year highs posted earlier, but still in an upward trend. EURUSD advanced to 1.0938, its highest since the FED meeting last week, a move which could be attributed also to GOLDS rise to 1080 from 1050 2 days ago. Overall, amid thin trading conditions the market can turn very unpredictable as end of year flows and portfolio readjustment may cause sudden big moves with no real fundamental reasons behind them. US GDP and Housing Data are the most noteworthy news today but impact is expected to be limited.

Trading quote of the day: What seems too high and risky to the majority generally goes higher and what seems low and cheap generally goes lower. William O’Neil

Green lines are resistance, Red lines are support.

EUR/USD
Pivot: 1.088
Likely scenario: long positions above 1.088 with targets @ 1.095 & 1.098 in extension.
Alternative scenario: below 1.088 look for further downside with 1.0845 & 1.08 as targets.
Comment: the RSI lacks downward momentum.

GBP/USD
Pivot: 1.495
Likely scenario: short positions below 1.495 with targets @ 1.4865 & 1.48 in extension.
Alternative scenario: above 1.495 look for further upside with 1.499 & 1.5025 as targets.
Comment: the RSI is mixed to bearish.

 

AUD/USD
Pivot: 0.715
Likely scenario: long positions above 0.715 with targets @ 0.7235 & 0.728 in extension.
Alternative scenario: below 0.715 look for further downside with 0.711 & 0.709 as targets.
Comment: the RSI is well directed.

3

USD/JPY
Pivot: 121.75
Likely scenario: short positions below 121.75 with targets @ 120.85 & 120.55 in extension.
Alternative scenario: above 121.75 look for further upside with 122.15 & 122.6 as targets.
Comment: as long as 121.75 is resistance, look for choppy price action with a bearish bias.

4

USD/CAD
Pivot: 1.39
Likely scenario: long positions above 1.39 with targets @ 1.4 & 1.404 in extension.
Alternative scenario: below 1.39 look for further downside with 1.3845 & 1.377 as targets.
Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

5

USD/CHF
Pivot: 0.99
Likely scenario: long positions above 0.99 with targets @ 0.997 & 0.999 in extension.
Alternative scenario: below 0.99 look for further downside with 0.9875 & 0.983 as targets.
Comment: a support base at 0.99 has formed and has allowed for a temporary stabilisation.

6

GOLD
Pivot: 1067
Likely scenario: long positions above 1067 with targets @ 1085 & 1089 in extension.
Alternative scenario: below 1067 look for further downside with 1062 & 1055 as targets.
Comment: the RSI is mixed with a bullish bias.

7

OIL
Pivot: 36.2
Likely scenario: short positions below 36.2 with targets @ 35 & 34.5 in extension.
Alternative scenario: above 36.2 look for further upside with 36.9 & 37.35 as targets.
Comment: the index currently faces a challenging resistance area at 36.2.

8

DAX
Pivot: 10840
Likely scenario: short positions below 10840 with targets @ 10430 & 10315 in extension.
Alternative scenario: above 10840 look for further upside with 10940 & 11020 as targets.
Comment: as long as 10840 is resistance, look for choppy price action with a bearish bias.

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TIME IS IN GMT(+2)

Report prepared by the easy-forex VIP desk at 06:20 GMT.

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