For Traders

Analytical Reviews

Technical analysis

09.12.201607:40 Forex Analysis & Reviews: EUR/USD Technical Analysis for December 09, 2016.

Long-term review

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 outlook and chart setups:

The EUR/USD pair had continued to rally yesterday till around 07:55 am EST before hitting 1.0872 levels and reversing sharply lower. As depicted here, please note that the rally from 1.0500 through 1.0872 levels now looks to be 5 waves (not labelled though). The drop from 1.0872 through 1.0580 still looks to be corrective and another push higher can be expected from here, to complete the counter trend rally that has begun from 1.0500 levels earlier. On the flip side, even if the corrective rally is complete at 1.0872 levels, the pair needs to rally at least through 1.0800 levels before dropping lower again. Immediate support is seen at 1.0500 levels, while short term resistance is seen at 1.0872 levels respectively.

Trading recommendations:

Remain long now, stop around 1.0500 levels and target is 1.0800 minimum and 1.0900 plus levels.

Good luck!

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.