Headlines the Economic Calendar on Thursday
Eurozone Consumer Confidence: The data measures the level of consumer confidence in economic activity. It is expected to an outcome of -7.2. A lower than expected reading should be taken as negative for the Euro.
German CPI Inflation: The German CPI inflation will be closely followed by traders today. On the year-on-year basis, the CPI is estimated to rise to 1.3% in November from 1.1%, below the ECB’s target.
EUR/USD: The EUR/USD pair showed a downward movement yesterday. Keep your eye on the key level of 1.1007. If the pair stays below 1.1007, on a four hourly basis, the downward movement may gain more momentum and we will see the daily support level at 1.0965. On the upside, if the pair rises above 1.1007, the next resistance level can be seen at 1.1052.
Support : 1.1007 - 1.0965 - 1.0930
Resistance : 1.1052 - 1.1114 - 1.1165
USD/JPY: The USD/JPY pair extended gains and reached the highest since May. If the price stays above 109.39 on a four hourly basis, we will face 109.72 as the daily resistance level. Otherwise, if the price drops below 109.39, we will see the next support level at 109.09.
Support : 109.39 - 109.09 - 108.79
Resistance: 109.72 - 110.36 - 110.93
GBP/USD: Focus on the 1.2947 main resistance level in the GBP/USD pair. In order for the upward movement to gain more momentum, it needs to break out and stay above 1.2947 on a four hourly basis. Should this occur, the next daily resistance level will be at 1.3046. Otherwise, the main support level can be seen at 1.2838.
Support: 1.2838 - 1.2768 - 1.2671
Resistance: 1.2947 - 1.3046 - 1.3136
USD/CAD: The USD/CAD pair is currently trading above the daily level of 1.3287. If the pair stays above 1.3287 on a daily basis, we will follow 1.3344 as a resistance level. On the other hand, if the price falls below 1.3287, we will see the next support level at 1.3233.
Support: 1.3287 - 1.3233 - 1.3181
Resistance: 1.3344 - 1.3410 - 1.3466
USD/TRY: The USD/TRY pair is now trading above the 5.7679 daily support level. If the pair stays above 5.7679 on a daily basis, the rise may gain more momentum and we will see the resistance level at 5.9763. On the other hand, if the pair breaks down 5.7679, the next support levels will be at 5.6027.
Support: 5. 7679 - 5.6027 - 5.4538
Resistance: 5.9763 - 6.1475 - 6.3364
BRENT OIL: The Brent Oil Price showed a downward movement below the key resistance level of 63.13. As long as the price stays below 63.13 on a four hourly basis, the fall may continue and we will face the 61.69 daily support level. On the other hand, if the price moves up above 63.13, the next resistance level will be placed at 64.73.
Support: 61.69 - 60.54 - 59.25
Resistance: 63.13 - 64.73 - 65.95
GOLD: Keep your eye on the 1453 main support level in the Gold Price. If the price stays above 1453 on a four hourly basis, the key resistance level can be seen at 1466. On the downside, If the price drops below 1453, the next support level will be at 1440.
Support: 1453 - 1440 - 1421
Resistance: 1466 - 1509 - 1524