EURUSD Price Analysis – December 2
Based on the early price action and the current price on the level at 1.1026, the direction of the EURUSD exchange rate for the rest of Monday’s session is likely to be determined by the trader’s reaction to the downward trend scenario. Trading 21 pips lower after the open, the pair was able to alter its price during the session as buyers took control and may end the day, exceeding the opening price.
Resistance Levels: 1.1450, 1.1280, 1.1178
Support Levels: 1.0003, 1.0981, 1.0879
EURUSD Long term Trend: Bearish
Friday’s closing price reversal base halted the fall, for the time being. A trend up to the level at 1.1028 may reaffirm the chart’s pattern, which may trigger a 2-3 day countertrend recovery.
A trend towards the level at 1.0981 may invalidate the closing price reversal base and signal a resumption of the downtrend. The main trend may alter the level at 1.1097. The FX pair displays a short-term weakness (in consonance with its long-term downtrend), with only the medium-term trend still being maintained.
EURUSD Short term Trend: Ranging
The intraday bias in EURUSD stays neutral initially while some recovery may be observed. The top may be contained below resistance on the level at 1.1097 to bring the fall back again. For the downward zone, the level at 1.0981 breaks may increase the fall from the level at 1.1178 to retest the level at 1.0879.
Although, the breaking of the level at 1.1097 may alter the bearish projections and return the advance to the level at 1.1178. The short term range is from the level at 1.1097 to 1.0981 while its retraction zone is from the level at 1.1039 to 1.1053 as the potential resistance.
Entry price: 1.1053
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