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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.


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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.


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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.

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