InstaForex - Analytics

InstaForex

719.00 6.50/10
61% of positive reviews
Real

EUR/USD technical analysis for December 7, 2015

EUR/USD is expected to move lower before bouncing towards its recent highs. EUR/USD is in a corrective upward trend, and choppy price actions are expected. I do not see much more upside in the EUR/USD pair above 1.1050 as I expect the price to move mainly sideways this week.

eurusd2.jpg

Show full picture

Blue line - projection

EUR/USD is pulling back after the sharp spike up after Mario Draghi's speech last week. The price is expected to find support in the area of 1.0730-1.0740, and then bounce towards recent highs. I believe that the market needs to digest this big spike up from last week and we should not expect the downtrend to resume so soon.

eurusd.jpg

Show full picture

Blue lines - price projection

EUR/USD is expected to move mainly sideways and up until it reaches the Ichimoku cloud resistance. I believe the daily kijun-sen (yellow line indicator) will support the price this week and can bring in some buyers to push gold towards the Ichimoku cloud resistance. In the longer-term, I would expect the price to get rejected and eventually push to new lows near 1.03.



To leave a comment you must be or register

By visiting our website and services, you agree to the conditions of use of cookies. Learn more I agree