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The single currency of the European Union region fluctuated in a narrowly bearish range during the US session to see it return to the third session in five sessions from its highest since November 7 against the US dollar following developments and economic data followed Monday by the Eurozone economies. European Central Bank (ECB) Governor Mario Draghi's testimony came before the European Parliament's Economic and Monetary Affairs Committee and amid a lack of economic data from the US economy earlier this week.

At 5:13 am GMT, the EURUSD rose 0.1% to 1.1336, compared to the opening levels of 1.125 after the pair hit a 16-month low of 1.1324.

We followed the German economy, the euro zone's largest economy, to reveal the reading of the IFO Business Climate Index, which showed a narrowing to 102.0 versus 102.9 in October, worse than expected at 102.3, before the ECB Governor Mario Draghi In Brussels, during which he confirmed his vision of the importance of ending the cash availability program in the coming month of December.

Draghi said there is still enough basis to support the ECB's monetary policymakers' confidence that inflationary pressures will gradually rise to the target during the volatile period and that higher wages will support further inflation spikes, adding that market expectations for long-term inflation are stable and still consistent with ECB forecast, adding that the economy still needs some degree of monetary stimulus.

This came just hours after European Council President Donald Tusk announced that the EU's 27 members had ratified the UK exit agreement regularly and the final declaration on the future relationship between the EU and the UK. In the same vein, German Finance Minister Olaf Schulz said his country was prepared for both scenarios, a systematic and unregulated exit of Britain from the European Union.

Technical Analysis:

The EUR/USD pair resumed its negative trading today, approaching the 1.1300 level again. The bearish trend remains on the short and short term, relying on stability below 1.1443, with a reminder that breaking the target will push the price towards 1.1181 as the next major station.

The Euro is trading below the moving averages that are pushing the price lower. While the Stochastic is floating in the oversold area in a bearish move signal

Support and resistance:

Support: 1.1294-1.1216-1.1180

Resistance: 1.1341-1.1386-1.1443

General Trend: Down

Author: Maher Maarouf

EURUSD

The pair is trading above 1.1325 as investors await the G20 summit and the Brexit vote in the British Parliament. It’s likely to remain within the range of 1.1245–1.1460.

The price is below the middle Bollinger band, below SMA 5 and SMA 14. RSI is below the level of 50% and is slowly moving down. Stoch aren’t informative.

Trading recommendations:

If the pair passes the level of 1.1325, it may drop to 1.1265.

Sberbank is moving in a sideways trend. Tends to rise. Trading above the moving averages 20-50- which are moving with each other, and that is pushing the price to rise but on condition closing above SMA7.

At the same time, there is a bullish cross for the Stochastic which is likely to move higher.

The trading range between the support at 193.90 and the resistance is 201.80.

Support and resistance:

Support: 193.9-190.30-186.20-178.7;

Resistance: 201.90-206.60-211.36.

General inclination: sideways trend.

Gold futures fell during the US session last Friday to form weekly losses amid resumption of the decline of the dollar index from the lowest since November 7 for the second session in four sessions.

Gold futures for December delivery fell 0.50% to close at $ 1,222.30 per ounce, compared to the opening at $ 1,228.00 per ounce, reaching a low of 1219.70, while the US dollar index rose 0.17% to 96.87. Rebound from its 2-week low against the opening at 96.71.

US President Donald Trump and his Chinese counterpart, Xi Jinping, are expected to meet on the sidelines of the Group of 20 summit in Argentina this week amid market hopes of reaching a trade deal and resolving recent trade tensions among the world's biggest economists, warning of a global trade war in trade protectionism. The US administration has recently been pursuing with all the countries of the world, headed by China.

Technical analysis:

Gold tested the support level last Friday and failed to break it, keeping the bullish trend. Gold is currently trading above SMA 50 while the resistance. The bullish trend is reinforced by breaking the price for this level.

Note that the Stochastic indicator gives bullish cross signals and this strengthens the bullish path.

The trading range for today is among the 1221 support and 1228 resistance.

Support and resistance:

Support: 1221.00-1216.00-1211.40-1208.6;

Resistance: 1228.00-1232.40-1238.30.

The overall trend is bullish.

The US dollar fluctuated in a tight range slipping into the Asian session to see its sixth session drop in 10 sessions since its 4th high since October 4, while still resuming its weekly gains for the third week in four weeks against the Japanese yen amid tight economic data By the Japanese economy developments due to the World Thanksgiving holiday.

Today, at the opening of the Asian session, the greenback was up against the yen, with opening at 112.87, with a high of 113.26.

Technical analysis:

USDJPY has returned to the upside and traded within the ascending channel that was previously traded.

The pair is trading between the 50-7 moving averages and the 20 moving average from the top.

Stochastic is moving upwards in the bullish cross, reinforcing the bullish trend.

The trading range for today is between the support at 112.87 and the resistance at 114.00.

Support and resistance:

Support: 112.87-112.13-111.44;

Resistance: 113.5-114.03.

The British pound weakened during the US session on Tuesday, the third consecutive weekly loss against the US dollar, amid a slump in economic data by the British economy and following economic developments and data followed by the US economy, the world's largest economy. 

GBPUSD closed down 0.77% to 1.2797 compared to the opening levels at 1.2878 after the pair hit a session low of 1.2796 and a high of 1.2883.

We have followed the statements of British Prime Minister Teresa Mai on the developments of the issue of Britain's exit from the European Union, which he said that if the British Parliament to reject the orderly exit agreement of the United Kingdom from the European Union, there will be more division and uncertainty, Parliament wants to stop the process of getting out of the Union and not go out.

Technical analysis:

GBPUSD continues in the downtrend as it trades around the 1.2800 support level. The moving averages 7-20-50 are pushing the price towards further downside. We wait for an intersection to get the perfect order.

The Stochastic is giving negative signals as it trades in the oversold area .

The trading range for today is among the support at 1.2745 and the resistance at 1.2895.

Support and Resistance:

Support: 1.2800-1.2745-1.2700;

Resistance: 1.2840-1.2865-1.2895.

The general trend of trading is bearish.

EURUSD

The pair is slowly recovering after Friday’s drop caused by the negative data of the industrial and service business activity index in Germany and the eurozone. It’s trading below 1.1356. The pair may reverse downwards, if today’s data from Germany and the head of ECB Mario Draghi’s statement aren’t promising.

The price is below the middle Bollinger band, above SMA 5, but below SMA 14. RSI is below the level of 50% and is growing. Stoch are leaving the oversold territory.

Trading recommendations:

If the pair doesn’t pass 1.1365, it may reverse downwards to 1.1300.

The single currency of the euro area fell during the US session on Friday to see its second session in four sessions of its highest since November 7 and is poised to resume its weekly loss for the seventh week in nine weeks against the US dollar following developments and economic data that followed on Friday from Before the economies of the euro area and the US economy the world's largest economy.

Where the EURUSD closed down compared with the opening levels at 1.1403 after the pair hit a 16-month low of 1.1338 and the highest at 1.1421.

Technical analysis:

The EUR continues to depreciate against the USD as it broke the support level of 1.1340 and headed towards the new support level of 1.1300.

The price is trading below the 50-20-7 moving averages and we await the intersection of SMA 20 and SMA 50 to consolidate the downside move.

The Stochastic is giving negative signals to support the downside move as it trades in the oversold area.

The trading range for today is among the key support at 1.1300 and the key resistance at 1.1443.

Support and resistance:

Support: 1.1340-1.1300-1.1216;

Resistance: 1.1380-1.1443-1.1500.

Amazon shares continue to move in line with the downward trend that has started since October 1.

As it reached the level of support on Wednesday 1429.28 and rebounded in trading on Thursday and the price is still trading below the moving averages that push the price and push it down further. We note that the Stochastic is trading near the area saturation of sale.

The trading range between support 1429.28 and resistance is 1617.71.

Support and resistance:

Support: 1429.28-1360.90

Resistance: 1617.70-1762.55

The overall path is bearish.

Gold futures fluctuated in a narrowly bearish range to see their rebound for the second consecutive session of its highest since November 7, deflecting the US dollar's sixth index decline in nine sessions from its highest since January 22. In 2017 according to the inverse relationship between them amid a lack of economic data Thursday by the US economy, the largest economy in the world because of the Thanksgiving holiday in the United States.

Today, the price of gold opened at the opening of the Asian session to trade currently at $ 1,227.80 an ounce as the session opened at 1225.4, while the dollar index fell 0.20% to 96.52, showing a rebound from the highest since the beginning of last year compared to the opening at 96.71.

Republican President Trump on Wednesday said he wanted the Federal Reserve to cut interest rates. President Trump has recently sent many sharp criticisms to the Fed, saying it was his biggest threat and he was not happy with people, whom he appointed within him, with the exception of Federal Reserve Governor Jerome Powell.

Elsewhere, gold holdings at SBDR Gold Trust, the world's largest gold-backed fund, rose by 2.06 metric tons to 762.92 metric tons on Wednesday. Gold prices last month ended their longest monthly losses since late 1996, rising in October for the first time in seven months.

Technical analysis:

The narrow range continues to dominate the gold price, which remains stable above SMA 50 and therefore does not change the upside trend  targeting the 1238.30 test as the next major station, while stability above 1208.40 is the key condition for the continuation of the expected rally.

The price is trading above the moving averages 7-20-50, which is pushing the price higher, while the stochastic oscillates in a sideways path.

The trading range for today is expected among the support at 1221.10 and resistance at 1238.00.

Support and resistance:

Support: 1221.1-1211.4-1206.4;

Resistance: 1233.0-1238.30-1242.

The general trend for today is bullish.