Technical analysis of EUR/USD for Dec 4, 2019

Posted On 04 Dec 2019

Technical Market Overview:

The EUR/USD pair has extended the move up towards the key short-term technical resistance located at the level of 1.1096. Currently, the pair is trading just below this technical resistance level and if the supply zone located between the levels of 1.1087 – 1.1096 is clearly violated, then the next target for bulls is seen at the level of 1.1109. Please notice the strong and positive momentum behind the move despite the overbought market conditions.

Weekly Pivot Points:

WR3 – 1.1094

WR2 – 1.1060

WS3 – 1.1043

Weekly Pivot – 1.1010

WS1 – 1.0991

WS2 – 1.0960

WS3 – 1.0945

Technical recommendations:

The best strategy for current market conditions is to trade with the larger timeframe trend, which is down. All upward moves will be treated as local corrections in the downtrend. The downtrend is valid as long as it is terminated or the level of 1.1445 clearly violated. There is an Ending Diagonal price pattern visible on the larget timeframes that indicate a possible downtrend termination soon. The key short-term levels are technical support at the level of 1.0999 and the technical resistance at the level of 1.1267.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical analysis of EUR/USD for 04/12/2019:

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