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06.12.201916:00 Forex Analysis & Reviews: December 6, 2019 : EUR/USD Intraday technical analysis and trade recommendations.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 06.12.2019 analysis

Since October 2, the EURUSD pair has been trending-up until October 21 when the pair hit the price level of 1.1175.

The price zone of (1.1175 - 1.1190) stood as a significant SUPPLY-Zone that demonstrated bearish rejection for two consecutive times in a short-period.

Hence, a long-term Double-Top pattern was demonstrated with neckline located around 1.1075-1.1090 offering valid bearish positions few weeks ago.

Shortly After, two consecutive bearish movements were executed towards 1.1000-1.0995 where another two episodes of bullish rejection were demonstrated.

That's why, the price zone of 1.1065-1.1085 where a cluster of supply levels were located (61.8% Fibo - 50% Fibo levels) prevented further bullish advancement.

Thus, the EUR/USD Pair has been trapped between the price levels of 1.1000 and 1.1085 (where a cluster of supply levels is located) until Wednesday when a bullish spike was demonstrated above 1.1085 (towards 1.1110).

Initial bearish rejection was anticipated around 1.1110 to bring bearish decline towards 1.1065.

Moreover, a Head & Shoulders reversal pattern is being demonstrated with neckline located around 1.1065.

Hence, a valid SELL entry can be offered upon bearish breakout below 1.1065. Initial bearish target would be located around 1.1010.

Please also note that any bullish breakout above 1.1100 will probably bring further bullish advancement towards 1.1140 and 1.1175.

Mohamed Samy
Analytical expert of InstaForex
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