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EUR / USD has managed to recover the 1.1300 zone and is now stabilizing around the SMA of 21 prior to the publication of the monthly report of the labor market in the United States.
On the 4-hour chart, you can see the formation of a bullish pennant technical pattern. The confirmation of a sharp break above 1.1335 will be the beginning of an upward movement with targets at the 200 EMA located at 1.1424. Also, if the labor report is negative for the US dollar, then the Euro could gain momentum and could rise to the resistance zone of 1.1352.
In the event that the Euro fails to consolidate above the SMA of 21 and trades below 1.1323, we will continue selling with targets up to 1.1245 where there is the bottom of the bearish channel that forms the technical pattern.
The US dollar asserts strength against other currencies due to growing expectations that the Fed could increase rates from the second half of 2022. Investors will continue to take refuge in the dollar, so the euro could be under downward pressure for a long time.
Our forecast in the next few hours for the euro is a consolidation above 1.1335. As long as EUR / USD is trading above this zone, we will have an opportunity to buy with the target at 1.1350 and 1.1424 (200 EMA).
The market sentiment report for today, December 03, shows that there is 62.77% of operators who are buying the EUR / USD pair. This data provided a bearish sign in the long term. It is bearish because investors act against the trend. First, we could expect a recovery to 1.1424. Then, the price may again resume its downward movement with the target at 1.1116.
Support and Resistance Levels for December 03 - 06 2021
Resistance (3) 1.1382
Resistance (2) 1.1352
Resistance (1) 1.1330
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Support (1) 1.1275
Support (2) 1.1260
Support (3) 1.1225
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A trading tip for EUR/USD December 03 - 06, 2021
Sell below 1.1323 (21 SMA) with take profit at 1.1245 and 1.1230 (4/8), stop loss above 1.1355.
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