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Daily Market Update 11 Dec 2020

EURUSD

OUTLOOK SUMMARY

Up

TREND CONDITION

Upward
penetration

TRADERS SENTIMENT

Bullish

IMPLIED VOLATILITY

Medium

MARKET ANALYSIS – Intraday Analysis

Upwards scenario: Our next resistance level is placed at 1.2170 (R1). Clearance here is required to prolong ascending structure towards to next target at 1.2205 (R2) and any further price appreciation would then be limited to 1.2240 (R3) mark. Downwards scenario: Further retracement formation would face next hurdle at 1.2132 (S1). Break here is required to open road towards to our next interim target at 1.2096 (S2), on route to final aim for today at 1.2061 (S3).

Resistance Levels: 1.2170, 1.2205, 1.2240

Support Levels: 1.2132, 1.2096, 1.2061

 

GBPUSD

OUTLOOK SUMMARY

Up

TREND CONDITION

Upward
penetration

TRADERS SENTIMENT

Bearish

IMPLIED VOLATILITY

Medium

Upwards scenario: To prolong upwards extension, GBPUSD required to clear resistive measure at 1.3341 (R1). Loss here would open route towards to resistances at 1.3411 (R2) and 1.3478 (R3). Downwards scenario: On the other hand current price setup suggests possible recovery phase below the initial support level at 1.3244 (S1). Clearance here is liable to expose our initial targets at 1.3170 (S2) and 1.3095 (S3) in potential.

Resistance Levels: 1.3341, 1.3411, 1.3478

Support Levels: 1.3244, 1.3170, 1.3095

 

USDJPY

OUTLOOK SUMMARY

Down

TREND CONDITION

Downward
penetration

TRADERS SENTIMENT

Bullish

IMPLIED VOLATILITY

Medium

Upwards scenario: Short term tendency is clearly on the negative side now. However, possible price appreciation above the resistance at 104.13 (R1) would open a route towards to next targets at 104.33 (R2) and 104.53 (R3). Downwards scenario: Surge lower the initial support level at 103.91 (S1) could enable further bearish potential with next target in focus at 103.70 (S2). Any further price downgrade would then be limited today to final support at 103.50 (S3).

Resistance Levels: 104.13, 104.33, 104.53

Support Levels: 103.91, 103.70, 103.50

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