Pay Attention To U.S. GDP Number This Week

Weekly Technical Analysis For November 21st to 25th, 2020

Keep your eye on the US GDP Growth on Tuesday. The US third-quarter gross domestic product is expected to come to 33.1%.

Besides the US GDP numbers, this week's calendar also features U.S. data on Core Durable Goods Orders, Existing Home Sales, New Home Sales, as well as Crude Oil Inventories

US Durable goods orders excluding transportation are expected to ease to 0.6% in November from 1.3% in the previous week.

The Fed’s preferred measure of inflation, the core PCE index, which calculates spending minus volatile food and energy costs, arrives along with personal spending and income numbers from the Commerce Department Wednesday. The core PCE is expected to come out at 1.5%, year on year basis.

Get ready for the holiday week. Liquidity over the Christmas holiday is expected to be particularly thin so please take the necessary precautions to ensure you are not affected by increased volatility and intermittent pricing.

EUR/USD: The EURUSD pair pulled back in the Asian Trading Session. and dropped below 1.2214 main resistance level. If the pair stays below 1.2214 on a daily basis, we will watch the support levels at 1.2046. On the other hand, If the pair rises above 1.2214, the next resistance level is holding at 1.2391

Support : 1.2046 - 1.1819 - 1.1744
Resistance : 1.2214 - 1.2391 - 1.2536

GBP/USD: Sterling extended losses in the Asian Session after the UK imposed tough new restrictions.

The GBP/USD pair is now trading above the 1.3313 main support level. If the pair stays above 1.3313 on a daily basis, the resistance levels can be found at 1.3392 and 1.3517 again. On the other hand, if the pair falls below 1.3313, the next support level is holding at 1.3231

Support: 1.3313 - 1.3231 - 1.3136
Resistance: 1.3392 - 1.3517 - 1.3599

EUR/JPY: We are closely watching the 125.85 main support level in the EURJPY pair. As long as the pair stays above 125.85 on a four hourly basis, we will follow the key resistance level at 126.69 again. On the downside, if the pair moves down below 125.85, the next major support level will be at 125.07

Support: 125.85 - 125.07 - 124.24
Resistance: 126.69 - 127.52 - 128.39

Gold: The Gold price showed an upward movement as many countries tightened restrictive measures against the coronavirus.

Gold price reached the 1904 major resistance level. However, if the price stays below 1904, on a four hourly basis, we will follow 1873 as a key support level. Otherwise, if the price rises above 1904, the next daily resistance level can be found at 1932

Support: 1873 - 1854 - 1829
Resistance: 1904 - 1932 - 1964