Weekly Technical Outlook: EUR/USD ; Market Forecasts for December 05th – December 9th

• Resistance level 1.07646, 1.08218, 1.08517
• Pivot Level 1.06402
• Support Level 1.05646

Technical Analysis

EUR/USD is looking for a consolidation pattern from 1.05646 levels and is still in progress with support holding the levels.

The price action produces a strong bullish momentum at the close of the week with the candle producing pull backs indicating a shift in momentum to upside bias with the pair closing above the break of trend line and looking for corrective upward bias.

The price action confirms that the bullish movement medium term rally is still in progress from current levels with pair finding support and oscillator still above 35.0 levels.

An upward momentum towards sustained trading above 1.07646 levels confirms a strong long term momentum.

This will remain the favoured case as long as support holds and when there is a break in these levels, one can expect levels of 1.08218 and later to 1.08517. The outlook remains bullish for week.

Economic

• Markit Services PMI, Gross Domestic Product
• ECB Interest Rate Decision, ECB deposit rate decision, ECB Monetary policy statement and press conference
• ISM Non-Manufacturing PMI, Trade Balance, Initial Jobless Claims
• Michigan Consumer Sentiment Index

Area of Interest

• Strong support at 1.08517 area and closed above support levels.
• Bullish momentum with two bar reversal and pair strongly closing above the support area.
• Price action closed above the break of trend line and oscillator above 35.0 levels indicating shift in momentum.
• At Flip Area on Daily time frame support levels.

 
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