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Dec 10, 2016

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Home » Featured » EURUSD Technical Analysis for December 03, 2015

EURUSD Technical Analysis for December 03, 2015

Posted by FXTimes in Featured - December 3rd, 2015 6:05 am GMT

euro-gold
Chart setups:
 
The daily chart view presented here to trade forex is indicating a meaningful pullback towards 1.0900 levels at least. After producing a bullish morning star candlestick pattern, the EURUSD has tested the same yesterday by printing lows at 1.0550 levels before pulling back sharply.
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The overall chart direction is towards parity levels, but a correction is expected before the down trend could resume. Immediate support is seen at 1.0500 levels while resistance is seen around 1.0650 levels respectively. But a push above the 1.0700 levels would trigger a meaningful counter trend rally towards 1.0900 levels. Also the RSI is above 30 levels, indicating possibility o a pullback.

Please note that the support trend line that was broken earlier is also passing through 1.0900 levels, which would provide resistance now.

Trading recommendations:

Long now, stop at 1.0530, target is open.
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