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EURUSD: The pair weakened further on Thursday opening the door for more decline in the days ahead. Resistance comes in at 1.1850 level with a cut through here opening the door for more upside towards the 1.1900 level. Further up, resistance lies at the 1.1950 level where a break will expose the 1.2000 level. Conversely, support lies at the 1.1750 level where a break will target the 1.1700 level. A break of here will aim at the 1.1650 level. Below here will open the door for more weakness towards the 1.1600. All in all, EURUSD faces further downside weakness on bear pressure.

• US Futures Higher After Wednesday's Tech Rebound;
• US Tax Reform and Brexit to Dominate into Year End;
• Bitcoin Eyes $15,000 Only a Week After Hitting $10,000 For the First Time.

US Futures Higher After Wednesday's Tech Rebound

US futures are pointing to a slightly higher open on Thursday, as yesterday's rebound in tech stocks gave the impression that the buy the dip mentality remains in play.

The end of the year is likely to be dominated by political stories, with central banks not looking to rock the boat and a Federal Reserve rate hike next week all but priced in. Any shocks could shake things up in the markets but I think this is unlikely at this stage. A number of central banks have already made their move – ECB extended QE to next September, Bank of England raised interest rates, Bank of Canada raised rates twice – and have signalled an intention to wait and see before making any other changes.

US Tax Reform and Brexit to Dominate into Year End

The political picture has become more interesting, with Donald Trump's pledge on tax reform making progress in Congress. There is some optimism that a plan that could pass in the House and the Senate could be agreed by the end of the year, although time is running out. As ever, there are other political distractions when it comes to Trump – North Korea, Russian links investigation and now Jerusalem – but as it stands these are having minimal impacts on the market, although each have the potential to should they take a negative turn.

Over the next week Brexit negotiations are likely to have an impact on the UK market, as the two sides struggle to find a solution on the Irish border that appeases all involved. The EU has stated that this is one of the three issues that must be resolved before talks progress to trade and transition arrangements but with the self-imposed deadline fast approaching for this to be wrapped up this year, it's going to be very tight.

The pound is under pressure again today and is on course for a fifth consecutive daily decline against the dollar. It previously hit two month highs on the hope that the UK and EU were close to a deal on phase one, but most of these gains have since been given up and we're now closing back in on 1.3350, a level that had previously been a ceiling for the pair. To make matters worse, the grumblings within Theresa May's own government are once again getting louder and there are increasingly suggestions that she could be on borrowed time. It's difficult to see how this could be a positive move for negotiations and therefore a deal being reached in time, something the EU is very aware of and may work in her favour, but also another thing the pound is likely to be vulnerable to.

Bitcoin Eyes $15,000 Only a Week After Hitting $10,000 For the First Time

Bitcoin is on the rise once again on Thursday and is poised to hit $15,000 only 8 days after reaching $10,000 for the first time. Bitcoin is now up more than 25% since yesterday morning, a phenomenal climb that continues to baffle most watchers. Prior to hitting $10,000, Bitcoin had been on a remarkable run, rising more than 900% since the start of January, the kind of move that many may never see again. And yet this pales in comparison to what we've seen since then and the last two days has been extraordinary.

The cryptocurrency has undoubtedly come on leaps and bounds this year but it's difficult to see anything move as Bitcoin has and not fear a devastating bubble bursting. I don't think it's a coincidence that Bitcoin has been making headlines over the last week or so, during which time it's risen another $5,000, or 50%. If speculation is playing as big a role in the latest moves as some expect, then very interesting times may lie ahead. Although as is always the case, this could rise a lot more before the bubble bursts. It will be interesting to see what happens once Bitcoin futures are launched on CBOE and CME and traders are given the chance to short, should they be brave enough.

The euro is muted in the Thursday session. Currently, EUR/USD is trading at 1.1781, down 0.12% on the day. On the release front, German Industrial Production declined 1.4%, well off the forecast of a 0.9% gain. Eurozone Revised GDP for the third quarter posted a respectable gain of 0.6%. The US will release unemployment claims, which are expected to inch up to 239 thousand. ECB President Mario Draghi will host a press conference presented by the Bank for International Settlements in Frankfurt. The markets will be looking for clues regarding future monetary policy moves. On Friday, Germany releases Trade Balance, and the US publishes three key employment indicators – Average Hourly Earnings, Nonfarm Employment Change and the unemployment rate. The week wraps up with the release of UoM Consumer Sentiment. Traders should be prepared for some volatility from EUR/USD during Friday’s North American session.

It’s been an excellent 2017 for the eurozone, as the bloc’s economy has posted its best growth in years. The manufacturing sector continues to expand, exports have surged and unemployment continues to head lower. The latest ECB economic forecast is predicting GDP of 2.2% in 2017 and inflation of 1.2%. Things are so good that the ECB finally acted and tapered its asset purchase program, although it did extend the program until September 2018. Still, the cautious ECB said on Wednesday that it was concerned about “increased risk-taking behavior in global financial markets” as this could lead to sharp asset price corrections. The ECB is also keeping its eye on political uncertainty in Europe, notably the deadlocked Brexit negotiations and the political vacuum in Germany. In the meantime, European stock markets remain at high levels and the euro is enjoying the view from the 1.18 level.

The ADP nonfarm employment report came in as expected, with a gain of 190 thousand. Still, this was a soft reading compared to the previous release, which showed a gain of 235 thousand. Attention now turns to the official nonfarm employment change release on Friday. Again, the markets are expecting a soft landing, with a forecast of 200 thousand, down from 261 thousand in the October release. If nonfarm payrolls, one of the most important indicators, is weaker than expected, the US dollar could lose ground.

Crude oil continues its consolidation phase and should not challenge the 60-dollar level. Expected to show continued sideways move. Support is given at a distance at 54.81 (14/11/2017 low)

In the long-term, crude oil has recovered after its sharp decline last year. However, we consider that further weakness are very likely. For the time being the pair lies in an upside momentum. Strong support lies at 35.24 (05/04/2016) while resistance can now be found at 55.24 (03/01/2017 high).

Silver is heading lower. Hourly support can be found at 15.61 (14/07/2017 low). Hourly resistance is given at 17.46 (13/10/2017 high). Expected to keep pushing lower.

In the long-term, the trend is rater negative. Further downsides are very likely. Resistance is located at 25.11 (28/08/2013 high). Strong support can be found at 11.75 (20/04/2009).

Gold is pushing lower. The technical structure confirms the end of the consolidation phase. Support given at 1251 (08/08/2017 high) is on target. Resistance is located at 1288 (20/10/2017).

In the long-term, the technical structure suggests that there is a growing upside momentum. A break of 1392 (17/03/2014) is necessary ton confirm it, A major support can be found at 1045 (05/02/2010 low).

Bitcoin is in a fire mode. The technical structure shows a tremendous positive shortterm momentum. Hourly support is located at 9000 (29/11/2017 low). Strong support stands very far at 2975 (22/08/2017 low). In the shortterm, the digital currency should continue rising at levels unseen so far.

In the long-term, the digital currency has had an exponential growth. There are decent likelihood that the asset will reach $40'000 in 2018.

EUR/CHF continues to push towards resistance area above 1.17 and support given at 1.1610 (27/10/2017 low). Expected to show continued increase.

In the longer term, the technical structure has reversed. Strong resistance is given at 1.20 (level before the unpeg). Yet, the ECB's QE programme is likely to cause persistent selling pressures on the euro, which should weigh on EUR/CHF. Supports can be found at 1.0184 (28/01/2015 low) and 1.0082 (27/01/2015 low).

EUR/GBP is heading lower. The pair has failed to hold above broken support at 0.8791 (07/11/2017 low). Resistance is located at 0.8943 (27/11/2017 high). Expected to go even lower.

In the long-term, the pair has largely recovered from recent lows in 2015. The technical structure suggests a growing upside momentum. The pair is trading above from its 200 DMA. Strong resistance can be found at 0.9500 (psychological level).

AUD/USD's downside pressures continue to increase. Hourly resistance is given at a distance at 0.7897 (13/10/2017 high). Key support at 0.7535 (22/06/2017 low) has been broken. Expected to go even lower.

In the long-term, the trend is turning positive. Key supports stands at 0.6009 (31/10/2008 low) . A break of the key resistance at 0.8164 (14/05/2015 high) is needed to invalidate our long-term bearish view.