7^th December 2021 Technical Analysis

EURUSD

EURUSD fell on Monday, and the technical bias is bearish due to lower lows in the recent downtrend.

The pair is currently trading near 1.12830，and multiple resistance levels can be seen above which may prevent the price from rising further.

Resistance level 1: 1.12880

Resistance level 2: 1.13000

Resistance level 3: 1.13100

Below the price, multiple support levels can be seen which may prevent the price from falling.

Support level 1: 1.12700

Support level 2: 1.12580

Support level 3: 1.12450

Today, the Eurozone will announce GDP data for the third quarter of 2021. Higher data indicate favourable to the euro, so it is bullish for the EURUSD currency pairs, and vice versa.

Looking at the current price trend and economic development, it may be a good trading choice to sell the EURUSD currency pair near the current level.

GBPUSD

GBPUSD rose on Monday, and the technical bias is bearish due to lower highs in the recent downtrend.

The pair is currently trading near 1.32592，and multiple resistance levels can be seen above which may prevent the price from rising further.

Resistance level 1: 1.32650

Resistance level 2: 1.32800

Resistance level 3: 1.32950

Below the price, multiple support levels can be seen which may prevent the price from falling.

Support level 1: 1.32450

Support level 2: 1.32300

Support level 3: 1.32100

On Friday, the United States will release inflation data for November. Higher data indicate favourable to the US dollar, so it is negative for the GBPUSD currency pair, and vice versa.

Looking at the current price trend and economic development, it may be a good trading choice to sell the GBPUSD currency pair near the current level.