EUR/USD Daily Forecast – 02 December

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Tuesday, Dec 01 2015

Euro spent most of the yesterday's session in an uptrend breaking once again above 1.06 handle, but with area above 1.0630 level still offering plenty of resistance. Pair bounced from 1.0560 level which seems to be supportive at the moment. We believe that we will witness similar session tomorrow.

Even if see break above 1.0630 level we believe that area around 1.0670 is next resistive point. On the other hand 1.0560 level should continue to offer plenty of support with traders being cautious ahead of ECB Meeting on Thursday. Long-term looking, despite this uptrend, we have no interest in buying this pair and would use these kind of rallies as just another selling opportunity. We believe that pair will test 1.05 handle as a support and if we see break below this area we would even think about parity level for this pair.

More in this category: « GBP/USD Daily Forecast – 02 December AUD/USD Daily Forecast – 03 December »

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