04.12.201921:01 Forex Analysis & Reviews: December 4, 2019 : EUR/USD Intraday technical analysis and trade recommendations.

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.

Since October 2, the EURUSD pair has been trending-up until October 21 when the pair hit the price level of 1.1175.

The price zone of (1.1175 - 1.1190) stood as a significant SUPPLY-Zone that demonstrated bearish rejection for two consecutive times in a short-period.

Hence, a long-term Double-Top pattern was demonstrated with neckline located around 1.1075-1.1090 offering valid bearish positions few weeks ago.

That's why, two consecutive bearish pullbacks were executed towards 1.1025 and 1.0995 where two episodes of bullish rejection were demonstrated.

Recent bullish pullback was demonstrated towards 1.1065-1.1085 where a cluster of supply levels were located (61.8% Fibo - 50% Fibo levels) that initiated a bearish movement towards 1.1000.

On the other hand, recent price action suggested a high probability of bullish reversal around 1.1000 that brought the EURUSD pair again towards 1.1065-1.1085 as expected.

Thus, the EUR/USD Pair has been trapped between the price levels of 1.1000 and 1.1085 until Today as a bullish spike is being demonstrated towards 1.1110.

Initial bearish rejection should be anticipated around 1.1110 to bring bearish decline towards 1.1065.

Moreover, a Head & Shoulders reversal pattern is being demonstrated with neckline located around 1.1065.

Hence, a valid SELL entry can be offered upon bearish breakout below 1.1065. Initial bearish target would be located around 1.1010.

Please also note that any bullish breakout above 1.1090 will probably bring further bullish advancement towards 1.1140 and 1.1175.

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.