Daily Price Outlook

ETH/USD ended the day at $3709.42, having reached a high of $3767.96 and a low of $3588.14. The ETH/USD pair reversed its momentum on Thursday and broke its 4-day bearish streak after the market turned positive. After dropping to a multi-week low, Ethereum has seen a continuous decline in its value. Most leading coins have been under pressure lately as investors are moving their funds out of the crypto segment in the last days of 2021. However, on Thursday, the second-largest cryptocurrency by market cap turned green and recovered a minor portion of its previous losses, mainly due to a price correction.

According to analytics firm Wu Blockchain, the whale wallets holding more than 1000 ETH dropped by nearly 5% in 2021. The report suggested that Justin Sun, the founder of TRON, also joined the Ether Whale Dump Party and has one of the biggest known Ethereum wallets, and in 2021, he has been seen dumping his holdings of ETH.

According to the report, Sun sold approximately 165,989 ETH for $592 million. However, the report from Colin Wu explained that the founder of Tron did not sell his Ethereum holdings for personal profit but that the transactions were made from internet deployment wallets that were not used to profit. Justin Sun also clarified the reason behind the transactions and said that it had nothing to do with Tron or ETH but was part of an internet deployment of wallets.

Meanwhile, the Chief Executive of Real Vision, Raoul Pal, has said that he was confident that Ethereum would surpass Bitcoin to become the leading crypto in the market. He believes that the Ethereum network will outperform BTC in the not-so-distant future, as suggested by its current speed and growth. ETH has seen an increase of 500% on a year-to-year basis compared to 95% of Bitcoin’s in the same period. This prediction by Raoul Pal added some positivity surrounding the ETH ecosystem and pushed it higher on Thursday.

Furthermore, the sudden rise in ETH/USD after four consecutive days of decline could also be attributed to a price correction. For example, investors might have started taking profit from selling positions, which could have triggered gains in ETH/USD on Thursday ahead of New Year Eve.

ETH/USD Intraday Technical Levels

Daily Technical Levels

Support Resistance

3609.06 3788.88

3508.69 3868.33

342924 3968.70

Pivot Point: 3688.51

ETH/USD - Technical Outlook 

The ETH/USD is trading with a neutral bias at the 3,732 level, maintaining a narrow trading range of 3,760 – 3,686. Considering the holiday session, the market is exhibiting thin trading volume and volatility. Therefore, the choppy session continues to prevail in the market.

A surge in ETH/USD demand, as well as a breakout of 3,760, expose the price to the 3,796 or 3,870 level. Further on the higher side, the breakout of 3,870 exposes Ethereum's price towards the 3,979 level. On the flip side, the breakout of the 3,686 support zone opens up a downtrend until the 3,613 or 3,503 support zone. On Friday, the bullish bias dominates over 3,686 levels and vice versa. All the best!

Bitcoin Price Prediction

The BTC/USD closed at $47,156.0 after hitting a high of $47,911.0 and a low of $45,996.0. Bitcoin reversed its course on Thursday after dropping for three consecutive sessions and turned green with minimum gains. The CEO of Tesla, Elon Musk, has recently shared his views about who he thinks is the real Satoshi Nakamoto. 

Bitcoin was created in 2009 by an anonymous person whose identity is still a mystery, and during an interview, Musk guessed that a computer scientist named Nick Szabo might be that unknown creator of bitcoin. He said that he was unaware of Nakamoto's real identity, but if he had to guess, then he would take Szabo's name as he ticks all the boxes that indicate he could be the founder of BTC.

Szabo proposed the creation of a digital currency in 1998, and at that time, scientists named the currency "BitGold." Musk believes that Szabo was more responsible for the idea behind Bitcoin than anyone else. Meanwhile, according to Thursday's filing with the U.S. Securities and Exchange Commission (SEC), MicroStrategy has revealed that it purchased 1914 BTC between Dec. 9 and Dec. 29 for $94.2 million, which brings its total holdings to 124,391 BTC. The company's holdings are valued at roughly $5.9 billion, representing more than $2.1 billion in gains. 

Furthermore, the Central Bank of Mexico has announced that it will have its digital currency in circulation by 2024. According to the federal government, these new technologies and next-generation payment infrastructure are essential. The financial regulations of Mexico block banks from dealing with other cryptocurrencies as their central bank is developing a similar alternative to cryptocurrencies. Most of the news fragments came in favour of Bitcoin on Thursday. Hence, BTC/USD reversed its course and turned green after declining for three consecutive sessions.

BTC/USD Intraday Technical Levels

Support Resistance

46131.0 48046.0

45106.0 48936.0

44216.0 49961.0

Pivot Point: 47021.0

BTC/USD - Technical Outlook 

On Friday, the BTC/USD is supported above the 46,915 level, having surged above the 47,021 pivot point level. On the higher side, the BTC/USD may find immediate resistance at the 47,969 level, and a break above this exposes the coin towards 48,825 or 49,879 resistance levels.

On the downside, 46,915 is acting as a major support and a break below this exposes the coin towards the 46,058 level. The RSI and StochRSI are holding above the 50 level, supporting an uptrend in Bitcoin. Therefore, the bullish bias dominates over the 46,915 level and vice versa. All the best!

Gold’s Daily Price Analysis

Gold prices ended the day at $1805.40, having reached a top of $1807.95 and a low of $1789.20. Gold continued its losses and fell for the third session in a row, reaching a five-day low, owing mostly to rising US Treasury yields. Treasury rates on the benchmark 10-year note in the United States increased substantially on Wednesday, reaching 1.56 percent, their highest level since November 19th. Rising government yields boosted the opportunity cost of non-interest-bearing gold, driving down precious metals. Nevertheless, the US Dollar Index, which gauges the dollar's value against a basket of six main currencies, fell to 95.93 on Wednesday, limiting gold's losses.

The US dollar fell on Wednesday due to the release of adverse macroeconomic data and the market's current risk appetite. Consequently, the dollar has recently strengthened in the market due to its safe-haven position, but market players have switched to riskier currencies as optimism has returned to the market.

According to Rochelle Walensky, Director of the Centers for Disease Control and Prevention, COVID-19 mortality and hospitalizations were relatively modest despite the number of cases reaching record highs due to the spread of the Omicron variety. She stated that the quick spread of the Omicron variation had significantly increased the number of cases, yet hospitalizations and deaths remained comparatively low, implying that the Omicron form was less severe than the Delta variant. Following these remarks, market players began to shift toward riskier assets, putting pressure on safe-haven currencies such as the dollar. Furthermore, gold, a safe-haven asset, fell as the market's risk appetite increased.

On the statistics front, the Goods Trade Balance fell to -97.8 billion at 18:30 GMT, falling short of the anticipated -89.0 billion and weighing on the US dollar. The preliminary wholesale inventories declined to 1.2 percent, vs. the predicted 1.5 percent, bolstering the US dollar. Pending Home Sales fell to -2.2 percent at 20:00 GMT, compared to an anticipated 0.6 percent, weighing on the US dollar. The majority of the data issued from the United States was negative for the dollar, and as a result, the greenback remained under pressure.

GOLD Intraday Technical Level

Support Resistance

1793.75 1812.50

1782.10 1819.60

1775.00 1831.25

Pivot Point: 1800.85

GOLD - Technical Outlook 

On Thursday, gold is trading bearish at 1,800, having violated a narrow range of 1,808 – 1,804 levels. The intra-day pivot point extends the support at 1,800, and the bearish bias remains solid below this. In the 4-hour timeframe, closing bearish engulfing candles indicates strong selling bias among investors. Therefore, on Thursday, gold prices are exposed to 1,795 or 1,793 support zone.

Daily Price Outlook

The EUR/USD pair ended the day at $1.1332 after reaching a high of $1.1360 and a low of $1. 1331.The EUR/USD surged on Wednesday as risk appetite returned to the market and supported the Euro against the US dollar, which was on the back foot. The US dollar was weak across the board on Wednesday as it lost its safe-haven appeal after risk sentiment turned on in the market. The US Dollar Index, which measures the greenback's value against the basket of six major currencies, fell to 95.93 levels and weighed on the US dollar, ultimately pushing the EUR/USD pair higher.

The market's risk appetite returned after the latest comments from the Director of the Centers for Disease Control and Prevention allayed concerns about the Omicron variant and its impact on the economy. Rochelle Walensky said that despite the rising number of infections in the United States due to the rapid spread of the Omicron variant, the rates of hospitalization and deaths were comparatively low compared to the Delta variant.

The fact that Omicron was 70% more transmissible than other variants of the coronavirus but was less severe than the Delta variant pushed optimism in the market that it might not affect the global economic recovery as previously anticipated. This ease of concern added risk appetite, which ultimately pushed riskier currencies higher in the market, including the Euro. The strength of the Euro then moved the EUR/USD pair higher and helped it recover most of its previous losses.

The US dollar was also low across the board amid the unfavorable macroeconomic data release. At 18:30 GMT, the Goods Trade Balance declined to -97.8 billion against the anticipated -89.0 billion and weighed the US dollar. The prelim wholesale inventories decreased by 1.2% against an estimated 1.5% and supported the US dollar. At 20:00 GMT, the pending home sales fell by 2.2% against the predicted 0.6% and weighed on the US dollar. The declining US dollar added further gains to the currency pair EUR/USD.

At 14:00 GMT, the M3 Money Supply fell to 7.3%, against the forecasted 7.6%, and weighed on the Euro from the European side. Private loans remained flat at 4.2%. The EUR/USD's gains were limited on Wednesday due to unfavorable European macroeconomic data.

EUR/USD Intraday Technical Levels

Daily Technical Levels

Support Resistance

1.1290 1.1387

1.1234 1.1426

1.1194 1.1483

Pivot Point: 1.1330

EUR/USD - Technical Outlook 

The EUR/USD spike tested the 1.1368 resistance level and reversed immediately to trade at the 1.1325 level. It’s currently trading at the 1.1326 level, gaining immediate support at the 1.1290 mark. A breakout of 1.1290 level exposes the EUR/USD pair towards 1.1277 or 1.1234 support zone.

On the flip side, the break above the 1.1330 level exposes the EUR/USD price towards the next resistance area of 1.1386 or 1.1424 level. The RSI and Stoch are holding in a sell zone, while the 50 days simple moving average supports an uptrend in EUR/USD pair. Investors are likely to keep an eye on 1.1330 to stay bearish below and bullish above the same level. All the best!

Bitcoin Price Prediction

The BTC/USD ended the day at $46,465.0, having reached a high of $48,166.0 and a low of $46,129.0. The BTC/USD fell for the third session in a row, reaching its lowest level since December 20th, 2016. There was no single catalyst for the decline in cryptocurrencies; however, the focus remained on the impending removal of central bank stimulus that has helped push cryptocurrencies higher over the last 12 months.

As a result, the US Federal Reserve has increased the pace of its tapering of asset purchases, and the European Central Bank has announced that its pandemic emergency purchase program will end next year. Meanwhile, the Bank of England somewhat surprised markets earlier this month by voting in favor of increasing interest rates for the first time since August 2018. The highly speculative cryptocurrencies have come under pressure as investors now have much more stable and secure assets.

Furthermore, the Bitcoin mining firm Marathon Digital Holdings has revealed the final amount of $879 million that will be paid for new Bitmain bitcoin mining machines. The company has said that it will buy 78,000 units of BTC mining hardware from China-based Bitmain Technologies Ltd. The delivery from Bitmain will start in June 2022. The size of the order and the amount Marathon Holding will pay are among the biggest in the history of cryptocurrency mining.

The CEO of Marathon Holding, Fred Thiel, has said that this deal will help the company become one of the biggest BTC mining companies globally. This news should have brought back the bullish sentiment surrounding the Bitcoin ecosystem, but BTC continued declining on Wednesday despite this favorable news fragment.

Additionally, a Bitcoin influencer and podcaster, Anthony Pompliano, has said that there was no need to apologize for Bitcoin’s energy use because crucial things in the world use energy. These comments also failed to trigger positive momentum in BTC/USD.

BTC/USD Intraday Technical Levels

Support Resistance

45674.0 47711.0

44883.0 48957.0

43637.0 49748.0

Pivot Point: 46920.0

BTC/USD - Technical Outlook 

On Thursday, the BTC/USD continues to decline, having dropped from 47,800 level to 46,350 level. Bitcoin's price has failed to recover from over $48,800 and has begun a new drop. BTC dropped below the $48,500 and $47,500 support levels, moving into a bearish zone. A decisive break above the $47,500 resistance level might kick-start a new uptrend. The next significant resistance level is near $48,500, where the bears may appear. Any further gains might push the price up to $50,000.

If bitcoin does not return more than $47,200, it may fall further. There is immediate support atthe $46,200 level. The initial major contribution is close to $46,000. If the price falls below $46,000, it may move towards the $45,000500 support. Any further losses might push the price down to the $45,000 support level, below which there is a chance of a greater drop in the following sessions. All the best!

Gold’s Daily Price Analysis

Gold prices ended the day at $1807.00, having reached a high of $1821.65 and a low of $1805.60. Gold surged to its highest level since November 22nd during early trading hours on Tuesday, but it did not last long and fell in late trading hours, prolonging its loss for the second straight session. The key explanation for the session's decline in precious metals prices could be the rise of the US dollar. The greenback increased to 96.23, recouping the previous session's losses. The benchmark 10-year US Treasury note yield climbed on Tuesday, hovering at 1.48 percent, bolstering the US dollar. The strong dollar exacerbated the intense selling pressure around the precious metal.

The October HPI jumped to 1.1 percent, vs. the anticipated 0.9 percent, at 19:00 GMT, supporting the US dollar on the data front. The S&P/CS Composite-20 HPI dipped to 18.4 percent from 18.6 percent predicted, dragging on the US dollar. The Richmond Manufacturing Index rose to 16 at 20:00 GMT, exceeding the projected 11 and supporting the US dollar. Most of the data came from the United States, which drove the dollar higher, adding to the day's selling pressure on precious metals.

Despite the stronger US dollar, gold prices stayed above the critical threshold of $1,800 per ounce, owing to ongoing concerns about rising inflation. Some investors view gold as an inflation hedge, but the metal's vulnerability to rising US interest rates puts it under pressure as the cost of keeping bullion rises. Nevertheless, the rapid spread of the Omicron form boosted the number of cases worldwide, supporting safe-haven gold. Coronavirus transmissions have reached 1.44 million; according to one study, Omicron infects at a rate 70 times quicker than prior strains. However, the disease produced by it may be less severe, particularly for persons who have been vaccinated and have gotten a booster injection. This boosted market confidence and kept gold losses to a minimum for the day.

GOLD Intraday Technical Level

Support Resistance

1801.19 1817.24

1795.37 1827.47

1785.14 1833.29

Pivot Point: 1811.42

GOLD - Technical Outlook 

On Wednesday, gold was trading sideways, maintaining a narrow range of 1,808 – 1,804 levels. The intra-day pivot point extends the resistance level at 1,810, and below this, the bearish bias remains strong. In the 4-hour timeframe, the precious metal forms neutral candles, indicating indecision and a lack of volatility in the market. Therefore, it’s normal to have such market conditions during the holiday session.

Gold’s immediate resistance stays at the 1,807 level on the bullish side, and a break above this level exposes the metal towards the 1,811 level. Further, the next resistance remains at the 1,816 level on the higher side. While the support holds around 1,804 and 1,800 levels, a break below 1,800 levels exposes the metal towards 1,795 and 1,785 levels. All the best!

Daily Price Outlook

The EUR/USD pair closed at $1.1309 after hitting a high of $1.1335 and a low of $1.1289. The EUR/USD currency pair moved lower on Tuesday amid the rising strength of the US dollar and the declining value of the single currency euro. The shared currency came under pressure after several European countries started reporting record-high COVID-19 cases due to the increased spread of the Omicron variant across the continent.

On Tuesday, France reported a record high of 179,807 new confirmed cases on a single day, which was by far the highest daily number since the start of the pandemic. Italy, Cyprus, Greece, and Portugal also reported record-high daily coronavirus cases despite having one of the world's highest vaccination rates.

Given the rising number of coronavirus cases, France has announced new COVID-19 measures, making working from home mandatory from January 3rd for at least three days per week, and public gatherings will be limited to 2000 people indoors and 5000 people outdoors. These rules will be in place for at least three weeks. The rising spread of the Omicron variant and restrictions imposed by European countries had a negative impact on the single currency euro, dragging EUR/USD further to the downside.

On the other hand, the US dollar was high onboard due to its safe-haven status, which was fueled by rising fears surrounding the Omicron variant. The latest studies suggested that the Omicron variant spreads 70% faster than other variants, raising investors' fears and supporting the greenback. However, the study also stated that Omicron was less likely to cause severe infection in vaccinated people and those with booster shots.

Due to favorable macroeconomic figures released on Tuesday, the US dollar was also high on board. At 19:00 GMT, the HPI from October surged to 1.1% against the anticipated 0.9% and supported the US dollar. The S&P/CS Composite-20 HPI fell to 18.4%, versus the expected 18.6%, and was weighted by the US dollar. At 20:00 GMT, the Richmond Manufacturing Index improved to 16 from an estimated 11 and supported the US dollar.

On Tuesday, the strong US dollar added further downside pressure on the currency pair EUR/USD. The US Dollar Index, which measures the greenback's value against the basket of half a dozen currencies from major economies, rose to the 96.23 level on Tuesday and recovered some of its previous session's losses, causing a decline in the EUR/USD pair.

EUR/USD Intraday Technical Levels

Daily Technical Levels

Support Resistance

1.1287 1.1333

1.1266 1.1356

1.1242 1.1378

Pivot Point: 1.1311

EUR/USD - Technical Outlook 

The technical side of the EUR/USD continues to remain unchanged at the 1.1304 level, facing strong resistance at 1.1309. This particular resistance is being extended by an intraday pivot point level and the formation of candles below this is signaling a downtrend. The EUR/USD continues to trade choppily, maintaining a narrow range of 1.1320 – 1.1290. It's gaining immediate support at the 1.1301 mark, along with major resistance at the 1.1333 level. The closing of hourly candles below the 1.1309 level adds selling pressure on EUR/USD. A surge in buying pressure and a break above the 1.1309 resistance level exposes the pair towards the 1.1330 or 1.1353 resistance marks. Conversely, the support marks continue to stay at 1.1289 and 1.1266. All the best!

Bitcoin Price Prediction 

The BTC/USD pair closed at $47,554.0 after hitting a high of $50,710.0 and a low of $47,339.0. On Tuesday, BTC/USD fell for the second consecutive session on Tuesday, reaching its lowest level since December 21st. The latest decline in Bitcoin prices could be attributed to the regulation of bitcoin in Turkey. The Turkish currency, the Lira, is suffering its worst devaluation, and the country's laws have decided to keep the crypto industry's growth in check.

Savings guarantees: the Turkish state announced that the Turkish state would offer savers' guarantees. 

Furthermore, the Turkish government also fined Binance, the Japan-based crypto exchange giant with offices in the United States and several other countries worldwide. The Turkish government fined Binance 8 million lira, approximately $750,000, and said that it allegedly violated the regulations of the European country.

According to the Turkish newspaper NTV, the government of President Recep Tayyip Erdogan has already completed a law to regulate Bitcoin and other cryptocurrencies.

The President has said that he will send the law to Parliament for approval without delay. The Turkish Lira has lost around 85% of its value over the last decade, and now Turkey is seeking to re-float its currency. Turks have started using cryptocurrencies to hedge inflation to protect themselves from the financial crisis. This has prompted Erdogan to declare war on Bitcoin. The latest regulation on bitcoin from Erdogan added negative pressure on BTC/USD on Tuesday.

Meanwhile, the latest order issued by Iranian authorities to local crypto miners to temporarily suspend their activities during the winter months as there was a shortage of electricity also added to the declining prices of Bitcoin. This year, Iranian authorities took measures of this kind for the second time; they first did so in May and September. 

The Iranian government placed a temporary ban on bitcoin and crypto mining at the end of May as they were blamed for electricity blackouts. Energy consumption rose to its maximum level once again in the winter season, and the local Ministry of Energy called on miners to stop their activities temporarily. This news added further downside pressure on the BTC/USD on Tuesday and added to the losses of the leading cryptocurrency.

BTC/USD Intraday Technical Levels

Support Resistance

46358.6 49729.6

45163.3 51905.3

42987.6 53100.6

Pivot Point: 48534.3

BTC/USD - Technical Outlook

Bitcoin's price has failed to regain strength and has begun a new slide below the $50,000 support level. BTC fell below the $49,200 and $49,000 support levels, entering a bearish zone. Furthermore, on the hourly chart of the BTC/USD pair, there was a breach below a bearish continuation pattern with support near $49,200. The pair even came close to the $47,200 mark, trading below the $48,500 support zone.

If bitcoin does not return over $49,200, it may continue to fall. An immediate support level is around $47,500. The first significant support is around $47,200. If the price falls below $47,200, it may move towards the $46,500 support. Any further losses might push the price down to the $45,500 support level. All the best!

Gold’s Daily Price Analysis

The yellow metal price halted its previous day's bullish streak and fell from the one-week high, approaching the critical technical hurdle of $1,810 per ounce. The gold price has fallen for the first time in four trading days, owing to improved market confidence that has pushed Wall Street to new highs. Concerns about the highly infectious Omicron coronavirus type are receding. In the meantime, the solid US retail sales figures further boosted risk sentiment, driving gold out of favor.

Additionally, comments from US Vice President Kamala Harris, who indicated that she might use her tie-breaking vote to help President Joe Biden pass his Build Back Better (BBB) stimulus proposal, boosted market sentiment. Furthermore, ongoing negotiations over Iran's nuclear program and a worldwide drive for peace between Russia and Ukraine appear to have provided some further support to the markets, which was seen as one of the key factors that pushed the safe-haven gold down. Furthermore, the metal's performance was also hampered by the light calendar. On the flip side, the downbeat US dollar, on the other hand, was considered one of the critical factors that helped the XAU/USD pair limit its deeper losses. Currently, the safe-haven metal is trading at the 1,812.14 level and consolidating in the range between 1,808.60 and 1,812.74.

Despite the lack of essential data/events and the holiday mood, the market's trading mood managed to prolong its overnight bullish gain, as shown as the S&P 500 surges as Wall Street opens, up 0.75 percent, to 4,766.02 as of writing. Despite concerns that the Omicron variant might result in the cancellation of 3,000 or more flights over the Christmas weekend due to quarantine measures and a staffing shortage, the market mood has improved. The price of gold has fallen for the first time in four trading days, owing to an improvement in the market mood that has driven Wall Street to new highs.

Technically, concerns about the highly pathogenic Omicron coronavirus type eased, while solid US retail sales data also boosted risk sentiment, driving gold out of favor. Thus, the easing fears of the South African COVID type and stimulus hopes might be regarded as important reasons for the new market optimism. Traders relied on studies from South Africa and the United Kingdom that showed the Omicron COVID form was associated with a lower risk of hospitalization, allowing them to breathe a sigh of relief.

Looking forward, the Omicron headlines will remain in the driver's seat due to the festive mood and the lack of major catalysts. Housing statistics from the United States and manufacturing data from the Richmond Fed are also important to watch.

GOLD Intraday Technical Level

Support Resistance

1805.89 1815.54

1798.72 1819.02

1794.24 1826.19

Pivot Point: 1809.37

GOLD - Technical Outlook 

On Tuesday, Gold is trading bullish at the 1,813 level, having violated the pivot point resistance level of 1,809. On the 4-hour timeframe, the precious metal has formed a bullish engulfing candle that typically drives an uptrend in the market. Gold’s immediate resistance stays at 1,815 level on the bullish side, and a break above this level exposes the metal towards 1,819 level. Further on the higher side, the next resistance remains at 1,826 level. While the support holds around 1,809 and 1,805 levels, a break below 1,805 levels exposes the metal towards 1,798 and 1,794 levels. All the best!

Daily Price Outlook

The EUR/USD closed at $1.1326 after hitting a high of $1.1334 and a low of $1.1302. The EUR/USD pair rose for a second session on Tuesday, owing to the weakening of the US dollar and the general risk-on market mentality. The US Dollar Index, which measures the greenback's value against a basket of six major currencies, dipped to 96.34, weighing on the greenback and ultimately driving the currency pair EUR/USD higher. Meanwhile, the euro gained traction as risk appetite returned to the market.

The Centers for Disease Control and Prevention (CDC) in the United States recently shortened the general population's isolation and quarantine time from ten days to five days. Furthermore, the market's trading sentiment was also bolstered by the remarks of US Vice President Kamala Harris, who indicated that she would use her tie-breaking vote to help President Joe Biden pass his Build Back Better (BBB) stimulus proposal. On the same page, the People's Bank of China (PBOC) and the Chinese Finance Ministry advocated more easy money to support Australia's greatest customer's economic growth.

In addition, ongoing talks over Iran's nuclear program and a worldwide drive for peace between Russia and Ukraine appear to have provided some more comfort to the markets. Thus, the positive mood in the market was seen as one of the key factors that pushed the safe-haven gold price down.

On the USD front, the US dollar failed to stop its bearish bias and is still flashing red on the day. However, the reason could be the easing of concerns about the highly infectious Omicron coronavirus variant, combined with robust US retail sales data, which drives investors into riskier assets rather than safe-haven assets like the US dollar. Thus, the muted price movement in yields and the US dollar appears to be limiting the downside in EUR/USD prices.

EUR/USD Intraday Technical Levels

Daily Technical Levels

Support Resistance

1.1261 1.1304

1.1239 1.1325

1.1218 1.1347

Pivot Point: 1.1282

EUR/USD - Technical Outlook 

Considering the holiday session, the technical side of the EUR/USD pair hasn't changed a lot. The EUR/USD continues to trade choppily near the 1.1321 level. It's gaining immediate support at the 1.1301 mark. The direct currency pair's next resistance holds around 1.1340 level. The formation of candles under the 1.1340 level adds selling pressure on EUR/USD. A surge in buying pressure and break above 1.1337 resistance level exposes the pair towards 1.1360 or 1.1410 resistance marks.Conversely, the support marks continue to stay at 1.1308 and 1.1230. A downward breakout boosts the chances of a downtrend until the 1.1197 support zone. All the best!