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Home » Featured » EURUSD Technical Analysis for December 04, 2015

EURUSD Technical Analysis for December 04, 2015

Posted by FXTimes in Featured - December 4th, 2015 5:03 am GMT

Chart setups:
The daily chart setup has been presented here, in continuation to yesterdays’ discussions. Finally, yesterday was the day we had been waiting for since last 7 trading sessions. After a great noise, triggering a few stops though, the EURUSD rallied almost 500 pips, in one trading session. Now the interesting part is this: 1. It has hit the support turned resistance line now at around 1.0970/80 levels as expected and discussed earlier. 2. The fibonacci trading 0.382 resistance has been hit as well around the 1.0900 levels yesterday. Believe it or not, a bearish turn around is near the current price action around 1.0950/80 levels. Technically, this could be the last retracement before prices drop lower towards parity. Immediate resistance is seen at 1.1070 levels, while support is at 1.0750 levels respectively.
Trading recommendations:
Remain flat and watch out for a bearish reversal soon.
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