EUR/USD Daily Forecast – 03 December

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Wednesday, Dec 02 2015

After it did not manage to break decisively below 1.0630 area in the course of the session on Wednesday, euro pulled back and once again tested 1.0560 level as a support. Pair is simply going back and forth at the moment, as traders are awaiting for tomorrow's ECB Meeting that would set direction for the pair.

More dovish stanzas would push pair probably even below 1.05 handle, with initial support around 1.0450 level, while hawkish tome, would bring rebound to the the pair, but gain should be limited by 1.0670 area at the moment. Long-term looking, buying is not an option at the moment, as we believe that pair is heading towards its next major support at 1.05 handle. If we see break below this area this would mean even further decline with pair heading towards parity level given enough time. However, we would avoid placing any larger bids ahead of ECB tomorrow.

Last modified on Wednesday, 02 December 2015

More in this category: « GBP/USD Daily Forecast – 03 December AUD/USD Daily Forecast – 04 December »

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