EURUSD Is Trapped Between Major Levels

EURUSD Price Analysis – December 3

EURUSD is trapped in a ranging market between major zones. The price is now moving sideways without a defined direction on the daily time frame. The market is seen to continuously form corrections after impulses. During October into mid-November, the market was in consolidation. The major levels formed resistance and support at 1.1680 and 1.1530.

EURUSD Major Levels

Resistance Level: 1.1680, 1.1380
Support Level: 1.1530, 1.1230

EURUSD Long Term Trend: Bearish

After consolidation within major levels till mid-November, an impulse plunged the price below the support zone at 1.1530. The market sank till it reached 1.1230. The market is trapped as it has failed to breach the 1.1380 and 1.1230 levels. The strength of the bears and the bulls is almost even; hence, there is no prominent direction.

The Moving Averages 9 and 21 have also crossed sideways multiple times on the daily chart. The major levels at 1.1380 and 1.1230 have formed strong resistance and support. The month of December was completely directionless for EURUSD.

EURUSD Long Term Trend: Ranging

The relative strength index shows the market has moved from the floor of the range at 1.1230 to the top at 1.1380. The last day of December struck the resistance level at 1.1380. The bears are currently driving the price back to 1.1230. This is seen with three consecutive bullish candles on the four-hour chart. EURUSD is trapped within the major levels.

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