EURUSD Fails To Post New Highs

The euro currency’s rebound after the ECB meeting saw prices rising only to highs near 1.2150.

Following this, price action retreated, edging closer back to the rising trend line. We expect the trend line support to once again come into the picture.

As long as this support holds, the EURUSD might be looking to aim higher.

In the event that the common currency loses the trend line support, then we expect price action to fall toward the 1.2050 level, marking the December 9 lows.

To the upside, the EURUSD will have to break out above the previous highs of 1.2178 to continue the uptrend.

GBPUSD Loses The 1.3300 Support

The British pound sterling slipped below the support level of 1.3300 on Friday. This comes as Brexit talks come to a head.

For the moment, the lower support near 1.3122 remains the key price point. As long as this support level holds, there is scope for the GBPUSD to push higher.

However, prices will need to break out strongly above the 1.3300 level to continue the uptrend. This will then open the GBPUSD to the upper resistance level of 1.3483.

To the downside, a close below 1.3122 could open the way for the cable to retest the 1.3000 round number support once again.

Oil Prices Pull Back From A Nine-Month High

WTI Crude oil prices rose sharply on Thursday to rise close to the 48.00 level. However, prices pulled back into Friday’s close.

This comes as the 45.00 level is firmly establishing as support. Thus, a pullback could see this support level being tested once again.

The Stochastics oscillator on the 4-hour chart remains mixed. There is enough room for prices to breakout higher.

Above the 48.00 level, oil prices will be contending with a retest of the 50.00 level.

To the downside, below the 45.00 support area, a correction could bring the commodity down to test the 44.00 handle next.

Gold Settles Within The 1850 And 1825 Range

The precious metal continues to trade flat for the second consecutive session. As a result, price action is trading within a tight band of the 1850 and the 1825 levels in the near term.

The Stochastics oscillator remains biased to the downside. This could mean that if gold prices lose the 1817.80 level of support, then we expect the downside to continue.

The next key level of support will be near the 1750 level. It would also mean that gold prices will be moving lower beyond the 30th November lows of 1764.22.

To the upside, price action will need to firmly close above 1850 and continue to the 1900 level to establish the uptrend.