03.12.201907:51 Forex Analysis & Reviews: Trading plan for EURUSD for December 03, 2019

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Technical outlook:

EURUSD has dropped to 1.0981 on Friday. It was just 1 pip shy of the estimated support as discussed here before reversing sharply. This was an expected and bounce for EURO bulls to come back stronger and push through 1.1180 levels in the short term. Please, also make note that prices have bounced back from a convergence of Fibonacci 0.618 retracement and the past resistance turned support zone highlighted here. Immediate price targets are seen above 1.1110 and 1.1135 which would take out the next in line resistance as well. The pair may push higher towards 1.1500 during this bullish leg and prices are likely to stay above 1.0980. A break above the 1.1100 resistance would confirm that a meaningful bottom is in place. The pair may be volatile as well.

Trading plan:

Remain ling against 1.0980, target above 1.1180 and 1.1500.

Good luck!

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.