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Market Analysis

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

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.
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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