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Technical analysis of EUR/USD for December 4, 2015

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Overview:

  • The EUR/USD pair has already found support at 1.0745 and 1.0800. Support coincides with a ratio of 23.6% Fibonacci retracement levels. So, an upward trend is still strong from the level of 1.0800. Furthermore, it will be very profitable to buy above this level for retesting it in the short term. Therefore, buy deals are recommended above the weekly support at 1.0800 with targets at 1.0912 and 1.1003 to reach the double top and the first resistance. Also, it should be noted that the level of 1.0888 represents the daily pivot point. On the contrary, the resistance is seen at the level of 1.1003 and next resistance is likely to set around the area of 1.1063 today. Therefore, an upward movement will probably be higher than 1.0745 and 1.0800 with targets at the levels of 1.0912, 1.1003, and 1.1063.

Trading recommendation:

  • The market has been calling for a strong bullish movement since yesterday. Support was found at the level of 1.0800. Hence, buy at 1.0800 with targets at 1.0912, 1.1003, and 1.1063.


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