On the H4 timeframe, there is a break in the double top pattern which is indicated by the black line on the chart.
At 0300 hours there will be an interest rate decision on the Japanese Yen so expect a bullish momentum in JPY pairs.
EURUSD Potential sell: Downward trend Possible bearish price movement towards the support line at 1.1353. Also supported by new, German PPI declined by 0.4% the first decline since February 2018. EURUSD started the trading week with small gains.. FXSTREET Index (bearish trend)
With the resistance broken and a successful retest i would strongly advise buying into crude oil because there is also a meeting on the 6th of December which should boost the oil price right up.
Given the recent weakness for the USD we believe this may just be a retracement, looks like Buyers are still lurking at around the 111.500 area and ready to add strength to take price further possibly overcoming the sellers remaining at the 112.550 area and carry on further to reach the recent highs of around 114.00
Keeping a close watch on the USD as looks like Sellers are still waiting in the area around 0.6700 Depending on News and Economic Data such as Core Durable Goods Orders and what Fed Chair Powell has to say, these orders could get filled and take price down lower.
If the AUD does gain strength against the USD, it could also gain strength against the Euro with a build up of orders at around the 1.5800 level traders will be waiting to get filled.
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