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Market Analysis

Home » Featured » EURUSD Technical Analysis for December 1st

EURUSD Technical Analysis for December 1st

Posted by FXTimes in Featured - December 1st, 2015 4:26 am GMT

The daily chart view has been again presented here for a larger wave structure. Initial support is around the 1.05 mark and prices are seen to be bouncing off just ahead of it. The EURUSD trades at 1.0578 levels for now, and looking to clear past 1.0640 levels at least to instil further bullish sentiment. As seen here, the support turned resistance trend line is passing through 1.0975/85 levels now, which could be an excellent entry point to turn bearish after the counter trend is over. Immediate support is at 1.0500 levels while resistance is seen through 1.0640 levels, followed by 1.0690 respectively. It looks like the Euro bulls are now poised to push prices through both the above levels and trigger a much awaited counter trend rally in the sessions to come. Since the RSI is just around 30, it makes conditions more ideal for a rally.
Trading recommendations:
Aggressive. Long now, stop at 1.0500, target 1.0950/70
Conservative. Flat for now, looking to enter longs.
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