EURUSD Retrieve Some Friction Towards the Level at 1.1077 After an Earlier Crash

EURUSD Price Analysis – December 9

The euro is trying to build bullish momentum against the US dollar after the sellers failed to keep the pair below the support level 1.1053 with gain towards the level of 1.1077. The pair rose slightly during Monday’s trading session, showing signs of life. At this point, the market remains relatively restricted in scope but is likely to retreat slightly.

Key Levels
Resistance Levels: 1.1450, 1.1280, 1.1178
Support Levels: 1.1039, 1.0981, 1.0879

EURUSD Long term Trend: Bearish

In the long term trend, the bounce from the level at 1.0879 is seen as a first corrective move. In the event of another advance, the upside should be contained by correcting the level from 1.1450 to 1.0879.

The downtrend from the level at 1.1450 (upward advance) may start at a later stage. However, a continuous breach of the level at 1.1412 may weaken this bearish view and lead to a stronger advance in its bounce in the next upward zone.

EURUSD Short term Trend: Bullish

EURUSD is recovering moderately today but stays within the range at 1.0981 / 1.1116. The intraday bias stays neutral first. On the upside, above the level at 1.1116, the advance from the level at 1.0981 to 1.1178 may continue.

This may also revive the situation where the correction from the level at 1.1178 has been completed and advance from the level at 1.0879 is set to restart. On the downside, a break of the level at 1.0981 may continue the plunge from the level at 1.1178 to retest the lowest level at 1.0879.

Instrument: EURUSD
Order: Sell
Entry price: 1.1077
Stop: 1.1178
Target: 1.0981

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