EURUSD Technical Analysis for December 04, 2015
Posted by FXTimes in Featured - December 4th, 2015 5:03 am GMT
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.
Remain flat and watch out for a bearish reversal soon.