bullish territory

EUR/USD

In the final trading day of 2023, the euro fell by 25 pips on below-average volume, finding support at 1.1033. Since there was no significant profit-taking, we expect the uptrend to remain intact. A break above the level of 1.1076 opens up a substantial target like 1.1185, which is the November 2021 low and the March 2022 high. We could see bullish potential at 1.1280. The Marlin oscillator has also corrected lower, visually preparing for a reversal into a new upward wave.

All the price action and oscillator movements occur within an uptrend. It's worth noting that this progress is taking place within a medium-term green-colored ascending price channel. Even if there is a break below the 1.1033 support level, we will not hastily revise the main scenario.

On the 4-hour chart, the price is supported by the balance indicator line. The Marlin oscillator is in a bearish territory but may require a trigger to return to the bullish territory. Today's reports on the fin

Stalling at $1,960 Key fib levels remain a big test Gold is also trading marginally higher today and struggling around a notable resistance level, $1,960. It broke through $1,940 yesterday on the back of the inflation numbers and has now entered retracement territory where a few key levels will be put to the test. From a technical standpoint, those are the 38.2%, 50%, and 61.8% Fibonacci retracement levels – May highs to June lows – which happen to fall around $1,960, $1,980, and $2,000, respectively. A break of these may indicate that gold is back in bullish territory, although the price may face some resistance in the interim. A look at the 4-hour chart supports the more bullish view in gold but there is scope for corrective moves along the way. We’ve seen some consolidation since breaking $1,940 – which also saw the price break above the 200/233-period simple moving average band. Price has been quite responsive to this in the past. If the price does pull back a little, it will be interesting to see whether it tests $1,940 from above, with a rotation off here viewed to be confirmation of the initial breakout and a bullish signal. Especially with it coinciding with that SMA band. Gold 4-Hour

EUR/USD Friday's US labor data for September surpassed expectations. Nonfarm payrolls increased by 336,000 for the month, better than the consensus estimate for 170,000, and the change for August was revised up by 40,000. The unemployment remained unchanged at 3.8%, and a broader measure of unemployment dropped to 7.0% from 7.1% in August. The initial market reaction was quite natural, with the dollar rising and the euro losing 80 pips. However, the dollar was sold off across a wide range of markets, including stock markets and commodities. As a result, the dollar index closed the day down by 0.26%, the S&P 500 rose 1.18%, and oil increased by 0.61% (WTI). The market's counteraction to strong data is certainly a compelling argument in favor of further (although not quite prolonged) euro growth. From a technical standpoint, we saw a rebound from the point of intersection of the price channel line and support level of 1.0483, afterwards the quote exceeded the Fibonacci retracement level at 1.0578. The Marlin oscillator has moved into bullish territory. Now, after breaking through the nearest resistance level at 1.0613, we are waiting for the price to reach the target level of 1.0687 and maybe even 1.0777. On the 4-hour chart, the price has settled above 1.0578. The morning gap that occurred due to the Hamas attack on Israel will soon be closed. The price is growing above the indicator lines. The Marlin oscillator has firmly strengthened in the bullish territory. We expect the euro to rise further.

GBP/USD Amidst a general increase in risk appetite and a weak US dollar, the British pound gained 73 pips, surpassing the resistance of the nearest embedded price channel line. On the daily chart, the Marlin oscillator has entered the uptrend territory. The price currently has the potential to rise toward a strong level around 1.2444, where linear resistances converge with the MACD indicator line. Levels 1.2307 and 1.2367 serve as intermediate ones. On the 4-hour chart, the price has stayed above the MACD line, and the Marlin oscillator is approaching the border of the bullish territory. However, until it overcomes this mark, the price may start a sideways trend in the short-term, appearing as a form of consolidation before the pair grows further. The price channel line at 1.2170 (daily) acts as support for this consolidation. If the price settles below this level, it may create problems for the bulls, and there is a possibility of the price falling even further to 1.2070.

EUR/USD In the final trading day of 2023, the euro fell by 25 pips on below-average volume, finding support at 1.1033. Since there was no significant profit-taking, we expect the uptrend to remain intact. A break above the level of 1.1076 opens up a substantial target like 1.1185, which is the November 2021 low and the March 2022 high. We could see bullish potential at 1.1280. The Marlin oscillator has also corrected lower, visually preparing for a reversal into a new upward wave. All the price action and oscillator movements occur within an uptrend. It's worth noting that this progress is taking place within a medium-term green-colored ascending price channel. Even if there is a break below the 1.1033 support level, we will not hastily revise the main scenario. On the 4-hour chart, the price is supported by the balance indicator line. The Marlin oscillator is in a bearish territory but may require a trigger to return to the bullish territory. Today's reports on the final estimates of the eurozone and U.S. industrial PMIs for December may serve as a catalyst. The forecasts remain unchanged (44.2 and 48.2, respectively), but tomorrow's Manufacturing ISM for December is projected to stand at 47.1, up from 46.7 in November. We can assume that today's final estimate of the Manufacturing PMI might surprise everyone and turn out to be better than expected. Such, albeit minor, optimism could sustain risk appetite and push stock markets and counter-dollar currencies into the green zone.

EUR/USD

Gold Faces Key Fib Levels at $1,960, Testing Bullish Territory

EUR/USD Analysis: Surpassing Expectations in US Labor Data Sparks Euro Momentum

Pound Sterling Gains Momentum Against US Dollar: Technical Analysis and Key Resistance Levels

EUR/USD Analysis: Uptrend Momentum Despite Year-End Corrections

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