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For the 24 hours to 23:00 GMT, the EUR rose 0.18% against the USD and closed at 1.1389.

Data indicated that the Euro-zone's final consumer confidence index declined to a 20-month low level of -3.9 in November, at par with market expectations and confirming the preliminary figures. In the prior month, the index had registered a reading of -2.7. Moreover, the nation's economic sentiment indicator declined to a level of 109.5 in November, falling for the 11th-consecutive month and compared to a revised reading of 109.7 in the preceding month.

On the other hand, the region's business climate indicator surprisingly rose to a level of 1.09 in November, compared to a reading of 1.01 in the previous month.

Separately, in Germany, seasonally adjusted unemployment rate unexpectedly fell to a rate of 5.0% in November, notching its record lowest level and defying market expectations for an unchanged reading. In the previous month, unemployment rate had recorded a reading of 5.1%. Meanwhile, the nation's flash consumer price index (CPI) climbed 2.3% on an annual basis in November, less than market consesnsus for an advance of 2.4%. In the previous month, the CPI had registered a gain of 2.5%.

In the US, data revealed that the US personal income rose 0.5% on a monthly basis in October, more than market expectations for an advance of 0.4%. Personal income had climbed 0.2% in the previous month. Moreover, personal spending advanced 0.6% on a monthly basis in October, surpassing market expectations for a rise of 0.4%. Personal spending had recorded a revised rise of 0.2% in the preceding month. On the other hand, the US pending home sales eased 4.6% on a yearly basis in October, marking its lowest level in 4 years and more than market consensus for a drop of 2.8%. In the previous month, pending home sales had registered a revised fall of 3.3%. Additionally, the nation's seasonally adjusted initial jobless claims unexpectedly rose to a 6-month high level of 234.0K in the week ended 24 November 2018, compared to a reading of 224.0K in the prior week. Market participants had envisaged initial jobless claims to ease to a level of 220.0K.

The Federal Open Market Committee (FOMC) November meeting minutes indicated that an interest rate hike is likely at next month's meeting. Almost all officials expressed the view that another increase in the target range for the federal funds rate was likely to be warranted fairly soon. However, a few participants expressed uncertainty regarding the timing of future rate hikes.

In the Asian session, at GMT0400, the pair is trading at 1.1394, with the EUR trading marginally higher against the USD from yesterday's close.

The pair is expected to find support at 1.1361, and a fall through could take it to the next support level of 1.1329. The pair is expected to find its first resistance at 1.1414, and a rise through could take it to the next resistance level of 1.1435.

Moving ahead, traders would await the Euro-zone's unemployment rate for October and consumer price index for November along with Germany's retail sales for October, set to release in a few hours. Later in the day, the US Chicago purchasing managers' index for November will keep traders on their toes.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, the GBP declined 0.34% against the USD and closed at 1.2784.

On the macro front, UK's net consumer credit climbed to £0.9 billion in October, rising at its slowest pace since May 2015 and compared to a revised similar rise in the previous month. Market participants had anticipated net consumer credit to climb to £1.0 billion. Moreover, the nation's mortgage approvals for house purchases unexpectedly rose to a 9-month high level of 67.1K in October, defying market expectations for a fall to a level of 64.5K. Number of mortgage approvals for house purchases had registered a revised reading of 65.7K in the prior month.

In the Asian session, at GMT0400, the pair is trading at 1.2780, with the GBP trading a tad lower against the USD from yesterday's close.

Overnight data showed that UK's GfK consumer confidence index slid to a 11-month low level of -13.0 in November, more than market expectations for a drop to -11.0. In the previous month, the index had recorded a level of -10.0. On the contrary, the nation's Lloyds business barometer advanced to 24.0% in November. In the prior month, the business barometer had recorded a reading of 19.0%.

The pair is expected to find support at 1.2741, and a fall through could take it to the next support level of 1.2701. The pair is expected to find its first resistance at 1.2835, and a rise through could take it to the next resistance level of 1.2889.

Trading trend in the Sterling today is expected to be determined by UK's Nationwide house price index for November, slated to release in a while.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, the USD declined 0.15% against the JPY and closed at 113.44.

In the Asian session, at GMT0400, the pair is trading at 113.40, with the USD trading marginally lower against the JPY from yesterday's close.

Overnight data indicated that Japan's unemployment rate unexpectedly advanced to 2.4% in October, defying market expectations of an unchanged reading. In the previous month, unemployment rate had registered a reading of 2.3%. Meanwhile, the nation's flash industrial production rebounded 4.2% on a yearly basis in October, more than market expectations for a rise of 2.5%. In the previous month, industrial production had recorded a drop of 2.5%. Additionally, Japan's consumer confidence index unexpectedly dipped to a level of 42.9 in November, compared to a reading of 43.0 in the prior month. Further, housing starts surprisingly rose 0.3% on an annual basis in October. In the preceding month, housing starts had registered a fall of 1.5%.

The pair is expected to find support at 113.21, and a fall through could take it to the next support level of 113.01. The pair is expected to find its first resistance at 113.58, and a rise through could take it to the next resistance level of 113.75.

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

For the 24 hours to 23:00 GMT, the USD rose 0.28% against the CHF and closed at 0.9962.

In the economic news, Switzerland's seasonally adjusted gross domestic product (GDP) unexpectedly slid 0.2% on a quarterly basis in 3Q 2018, defying market consensus for a rise of 0.4%. In the prior quarter, GDP had recorded an advance of 0.7%.

In the Asian session, at GMT0400, the pair is trading at 0.9965, with the USD trading slightly higher against the CHF from yesterday's close.

The pair is expected to find support at 0.9930, and a fall through could take it to the next support level of 0.9894. The pair is expected to find its first resistance at 0.9989, and a rise through could take it to the next resistance level of 1.0012.

Going ahead, traders would keep an eye on Switzerland's retail sales real and consumer price index, scheduled to release next week.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, the USD rose 0.06% against the CAD and closed at 1.3281.

On the data front, Canada’s CFIB business barometer advanced to a level of 61.2 in November, following a reading of 60.5 in the preceding month. Meanwhile, the nation’s current account deficit narrowed more than anticipated to a level of C$10.3 billion, compared to a revised deficit of C$16.7 billion.

In the Asian session, at GMT0400, the pair is trading at 1.3286, with the USD trading slightly higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.3256, and a fall through could take it to the next support level of 1.3225. The pair is expected to find its first resistance at 1.3315, and a rise through could take it to the next resistance level of 1.3343.

Looking ahead, investors would await Canada’s gross domestic product for September, set to release later in the day.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, the AUD rose 0.14% against the USD and closed at 0.7317.

LME Copper prices rose 1.4% or $84.0/MT to $6282.0/MT. Aluminium prices rose 0.6% or $11.5/MT to $1933.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7317, with the AUD trading flat against the USD from yesterday’s close. Overnight data showed that Australia’s private sector credit demand growth recorded a steady reading of 0.4% on a monthly basis in October, meeting market forecast. Elsewhere, in China, Australia’s largest trading partner, the manufacturing PMI unexpectedly dropped to 50.0 in November, following a reading of 50.2 in the previous month.

The pair is expected to find support at 0.7295, and a fall through could take it to the next support level of 0.7274. The pair is expected to find its first resistance at 0.7341, and a rise through could take it to the next resistance level of 0.7366.

Moving forward, traders would closely monitor Australia’s CBA manufacturing PMI, building approvals and trade balance data, slated to release next week.

The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

For the 24 hours to 23:00 GMT, Gold rose 0.24% against the USD and closed at USD1229.80 per ounce.

In the Asian session, at GMT0400, the pair is trading at 1230.30, with gold trading a tad higher against the USD from yesterday’s close.

The pair is expected to find support at 1226.70, and a fall through could take it to the next support level of 1223.10. The pair is expected to find its first resistance at 1234.40, and a rise through could take it to the next resistance level of 1238.50.

The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

For the 24 hours to 23:00 GMT, Silver declined 0.21% against the USD and closed at USD14.38 per ounce.

In the Asian session, at GMT0400, the pair is trading at 14.40, with silver trading 0.14% higher against the USD from yesterday’s close.

The pair is expected to find support at 14.34, and a fall through could take it to the next support level of 14.27. The pair is expected to find its first resistance at 14.47, and a rise through could take it to the next resistance level of 14.53.

The white metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

For the 24 hours to 23:00 GMT, Crude Oil rose 1.58% against the USD and closed at USD51.35 per barrel, amid reports that Russian officials are considering production cuts together with the Organisation of the Petroleum Exporting Countries.

In the Asian session, at GMT0400, the pair is trading at 51.62, with oil trading 0.53% higher against the USD from yesterday’s close.

The pair is expected to find support at 49.95, and a fall through could take it to the next support level of 48.29. The pair is expected to find its first resistance at 52.74, and a rise through could take it to the next resistance level of 53.87.

Crude oil is trading above its 20 Hr and 50 Hr moving averages.

The Euro made a nice upside move and climbed above 129.00 against the Japanese Yen. The British Pound is currently holding an important support at 144.60, and GBP/JPY could bounce back.

Important Takeaways for EUR/JPY and GBP/JPY

The Euro gained momentum recently and traded above the 128.80 resistance against the Japanese Yen.

There is a major connecting resistance trend line in place at 129.30 on the hourly chart of EUR/JPY.

GBP/JPY is consolidating above two major bullish trend lines with support near 144.60 on the hourly chart.

The pair must break the 145.15 resistance to start a decent upward move.

EUR/JPY Technical Analysis

The Euro found a decent buying interest near the 128.30 and 128.40 support levels against the Japanese Yen. The EUR/JPY pair started an upside wave and traded above the 128.80 and 129.00 resistance levels.

The pair gained strength and settled above the 129.00 barrier and the 50 hourly simple moving average. It traded close to the 129.30 level where it faced sellers. A high was formed at 129.29 on FXOpen and later the pair corrected lower.

It declined below the 23.6% Fib retracement level of the last wave from the 128.67 low to 129.29 high. However, there are many supports on the downside near the 129.00 and 128.90 levels.

The 129.00 support coincides with the 50% Fib retracement level of the last wave from the 128.67 low to 129.29 high. Below 129.00, the 50 hourly SMA is positioned near the 128.90 level. Finally, there is a solid bullish trend line in place with support at 128.70 on the hourly chart.

On the upside, the pair must break the 129.30 and 129.40 resistance levels. There is also a major connecting resistance trend line in place at 129.30 on the same chart.

Therefore, a successful close above the trend line resistance and 129.40 could open the doors for more gains towards the 129.80 and 130.00 levels in the near term.

GBP/JPY Technical Analysis

The British Pound struggled to break the 145.80 and 146.00 resistance levels on many occasions against the Japanese Yen. The GBP/JPY pair recently formed a high near the 145.83 level and declined heavily.

The pair dropped below the 145.50 and 145.00 support levels. The decline was such that there was a close below the 145.00 handle and the 50 hourly simple moving average. It traded as low as 144.51 and later started consolidating losses.

It corrected above the 23.6% Fib retracement level of the recent drop from the 145.83 high to 144.51 low. However, there is a strong resistance formed near the 145.15 level and the 50 hourly SMA.

The stated 145.15 resistance is also near the 50% Fib retracement level of the recent drop from the 145.83 high to 144.51 low. Therefore, a close above the 145.15 and 145.20 levels may push the price back in a bullish zone. The next hurdles for buyers are near the 145.80 and 146.00 levels.

On the downside, there is a decent support formed near the 144.75 and 144.60 levels. More importantly, there are two major bullish trend lines in place with support near 144.60 on the hourly chart. If there is a close below trend lines, GBP/JPY could decline towards 144.00 or 143.60.