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01.12.202110:53 Forex Analysis & Reviews: Technical Analysis of EUR/USD for December 1, 2021

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.

Technical Market Outlook

The EUR/USD pair has bounced from the level of 1.1185, but was rejected from the main the key short-term technical resistance zone (supply zone) located between the levels of 1.1347 - 1.1375. Any violation of this supply zone would open the road towards the technical resistance located at 1.1433, but so far - no avail. The nearest technical support is seen at the level of 1.1263, so this level must be kept clean in order for the bounce to be continued. The strong and positive momentum supports the short-term bullish outlook for the EUR, however it does not look like a trend change or down trend termination.

Weekly Pivot Points:

WR3 - 1.1526

WR2 - 1.1423

WR1 - 1.1382

Weekly Pivot - 1.1279

WS1 - 1.1237

WS2 - 1.1137

WS3 - 1.1090

Trading Outlook:

The market is in control by bears that pushed the price way below the level of 1.1501 and 1.1360, which was the lowest level since November 2020. The next important long-term target for bears is seen at the level of 1.1166. The up trend can be continued towards the next long-term target located at the level of 1.2350 (high from 06.01.2021) only if bullish cycle scenario is confirmed by breakout above the level of 1.1909 and 1.2000.

Exchange Rates 01.12.2021 analysis

Sebastian Seliga
Analytical expert of InstaForex
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