EUR/USD Mid-Session Technical Analysis for December 6, 2017

Based on the earlier trade, the direction of the EUR/USD the rest of the session will be determined by trader reaction to yesterday’s low at 1.1800.
EUR/USD
EUR/USD

The EUR/USD is trading lower on Wednesday, but inside yesterday’s range, indicating investor indecision and impending volatility. Progress on tax reform is seen as a positive for the U.S. Dollar as well as expectations of higher U.S. interest rates although a flattening U.S. Treasury yield curve kept investors’ hopes in check. The possibility of a U.S. government shutdown is a negative for the U.S. Dollar. If lawmakers fail to reach a budget accord this week, the government will lose funding on Friday.

EUR/USD
Daily EUR/USD

Daily Swing Chart Analysis

The main trend is down according to the daily swing chart. A trade through yesterday’s low at 1.1800 will indicate the selling is getting stronger. This could trigger an acceleration to the downside. The daily chart indicates there is plenty of room to the downside with the next major target coming in at 1.1712.

The main trend will change to up on a trade through 1.1940, followed by 1.1961.

Daily Swing Chart Forecast

Based on the earlier trade, the direction of the EUR/USD the rest of the session will be determined by trader reaction to yesterday’s low at 1.1800.

A sustained move over 1.1800 will indicate the presence of counter-trend buyers. This could lead to a labored rally with potential resistance levels at 1.1807, 1.1823 and 1.1837.

If buyers can overcome 1.1837 on rising volume, we could see the rally extend into the major Fibonacci level at 1.1886.

We could see an acceleration to the downside if 1.1800 fails and the selling volume increases.

Don't miss a thing!

Discover what's moving the markets sign up for a daily update delivered to your inbox

More Forecasts

See All
cryptocurrencies

Strong Values for Euro, Pound and Yen Intact. Cryptocuerrencies are Crashing

Forex Trading Signals - January 12, 2018

Inflation and the GBP in Focus as the USD Steadies From Monday’s Tumble

New Zealand Dollars

New Zealand Report Show Sharp Drop in Business Confidence

Expand Your Knowledge

See All
4 Industries that are Set to Witness Massive Disruption From Blockchain in 2018

4 Industries that are Set to Witness Massive Disruption From Blockchain in 2018

how to short bitcoin

How to Short Bitcoin – A Complete Guide

bitcoin, bitcoin cash

Why Bitcoin Cash is Better than Bitcoin

Favorites

SymbolLast PriceChange
EURUSD
EUR/USD
1.2231
-0.0035
-0.29%
GBPUSD
GBP/USD
1.3784
-0.0008
-0.06%
XAUUSD
Gold
1334.1
-7.1300
-0.53%
CL
Crude Oil
64.285
-0.4250
-0.66%
SPX
S&P 500
2800.2
+6.5000
+0.23%
DAX
DAX 30
13237.7
+22.250
+0.17%
Live Quotes

Top Promotions

Top Brokers

Don't miss a thing!

Discover what's moving the markets sign up for a daily update delivered to your inbox