US TSYS: Volume Jumps Into Year End

• RES 4: 1.1728 High Oct 17
• RES 3: 1.1694 50.0% retracement of the Sep 17 - Nov 5 bear leg  
• RES 2: 1.1656 High Nov 13 and key resistance
• RES 1: 1.1652 High Dec 01
• PRICE: 1.1624 @ 16:42 GMT Dec 1
• SUP 1: 1.1491/1469 Low Nov 21 / 5 and the bear trigger 
• SUP 2: 1.1425 1.500 proj of the Oct 17 - 22 - 28 price swing
• SUP 3: 1.1392 Low Aug 1 and bear trigger 
• SUP 4: 1.1313 Low May 30

The trend structure in EURUSD remains bearish and recent gains appear corrective. Note that the pair has breached both the 20- and 50-day EMAs, however, key short-term resistance to monitor is 1.1656, the Nov 13 high and a bull trigger. Clearance of this level would highlight a reversal. Today’s gains cancel a doji reversal signal from last Thursday.  For bears, a resumption of weakness would open key support at 1.1469, the Nov 5 low.    

White House Press Secretary Karoline Leavitt is shortly due to brief reporters for the first time since November 20. LIVESTREAM The presser comes as two major foreign policy issues come to a head this week. First, White House Special Envoy Steve Witkoff and President Donald Trump's son-in-law Jared Kushner are expected to depart this evening for Moscow, where they will hold peace talks with Russian President Vladimir Putin.

• It is unclear if weekend talks in Florida between Trump officials and a Ukrainian delegation managed to hammer out a compromise ceasefire proposal to present to Moscow. Secretary of State Marco Rubio said after talks: “Much work remains. But today was again a very productive and useful session, where I think additional progress was made.”
• A Ukrainian official told Politico, “In general, Ukrainians have the impression that the Americans want to bypass [President Volodymyr] Zelenskyy in their consultations with Putin now, agree on something with Putin, and then return to talking with Ukraine.” Today, Zelenskyy met with French President Emmanuel Macron in Paris to reinforce European support for Kyiv.
• Second, preparations continue for possible US military strikes on Venezuela as Trump increases pressure on President Nicolas Maduro. Top Trump officials are scheduled to meet in the Oval Offce at around 17:00 ET 22:00 GMT to discuss the next steps. Reuters noted earlier, "Venezuela's defaulted sovereign bond prices up as much as 3.4 cents," suggesting that there is some market expectation that Maduro could be ousted via a deal with the US. 

• EUR/USD: Dec04 $1.1550(E4.1bln), $1.1600(E1.5bln), $1.1650(E1.9bln), $1.1675(E1.2bln)
• USD/JPY: Dec04 Y153.00($1.2bln), Y155.50-70($1.6bln); Dec05 Y155.00($1.4bln)
• GBP/USD: Dec04 $1.3030-50(Gbp2.1bln)
• AUD/USD: Dec05 $0.6500(A$1.1bln)
• USD/CAD: Dec05 C$1.3990-15($1.3bln)