- The EUR/USD pair continues to move downwards from the level of 1.0672. last week, the pair dropped from the level of 1.0672 to the bottom around 1.0517. But the pair has rebounded from the bottom of 1.0672 to climb at 1.0640. Today, the first resistance level is seen at 1.0672, the price is moving in a bullish channel now. Furthermore, the price has been set above the strong support at the level of 1.0517, which coincides with the double bottom on the H4 chart. This support spot has been rejected several times confirming the veracity of an uptrend. Additionally, the RSI starts signaling an upward trend. As a result, if the EUR/USD pair is able to break out the first support at 1.0672, the market will rise further to 1.0720 in order to test the daily support 2. Also, it should be noted that the major resistance is seen at the 1.0768 level.
Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 1.0768 with the first target and further to 1.0672. Hence, we expect a range between the levels of 1.0565 and 1.0678 in coming days. However, stop loss is to be placed above the level of 1.0693.
The material has been provided by InstaForex Company – www.instaforex.com
The post Technical analysis of EUR/USD for December 05, 2016 appeared first on forex-analytics.press.