EURUSD Remains Below 1.1300 As It Risks Plunging Further


EURUSD Price Analysis – December 6

The EURUSD pair continued selling on rallies, taking advantage of the circumstances, and reached a low of 1.1266. The pair has been trading with a selling bias and has just swung back to the south of the daily chart, where it is currently trading 0.21 percent down on the day.

Key Levels
Resistance Levels: 1.1525, 1.1422, 1.1350
Support Levels: 1.1250, 1.1186, 1.1100
EURUSD Long term Trend: Bearish
On the daily charts, a further slide is projected to find solid support in the 1.1186 region, which contains the year’s lows thus far. A further pullback has the potential to test psychological support at 1.1100 levels, however, a move lower is unlikely in the near term. The crucial level is placed below 1.1250 and at 1.1186.

In the wider context, the EURUSD stays bearish while trading below the horizontal resistance and significant level at 1.1350. A breakout of the 1.1350 level, on the other hand, would aim for the 1.1422 level on the way to the 1.1500 resistance zone. The fall of the 1.1250 zones, in the alternative scenario, is viewed as a first bearish continuation indicator.
EURUSD Short term Trend: Bearish
EURUSD risk is weighted to the negative on the 4-hour chart, as the pair is developing below the firmly bearish 5 and 13 moving averages. Technical indicators have shifted to the downside, with negative levels. However, the RSI has not yet reached oversold territory, allowing for more selling.

A breach below the 1.1250 horizontal support might lead to a deeper loss, with investors targeting a move towards the 1.1000 level. Because this is a strong area of support, the price should hold at this point. The bears, on the other hand, will be looking for a move into the 1.1100 if the consolidation breaks down.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.