04.12.201511:10 Forex Analysis & Reviews: EUR/USD technical analysis for December 4, 2015

Long-term review

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The EUR/USD pair was very volatile yesterday during the Rate announcement of the ECB, but finally broke above the resistance level at 1.0640 and even tested 1.0950. The downward sloping wedge was finally broken upwards, and the stochastic oscillator verified after giving bullish divergence signals.

Blue lines -bullish wedge

A short-term trend has changed to bullish after yesterday's ECB press conference. The price broke out and above the Ichimoku cloud, and the downward sloping wedge. The price has now reached the minimum bounce target of the 38% Fibonacci retracement. With the announcement of the US non-farm payrolls today, we should expect another exciting trading day.

Blue lines - wedge pattern

EUR/USD has broken above the daily kijun-sen resistance and has chances to reach the 61.8% Fibonacci retracement and the Ichimoku cloud. However, traders should be very cautious amid the NFP coming out today as there are many chances of a pullback towards 1.07.

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