EUR/USD Daily Forecast – 04 December

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Thursday, Dec 03 2015

After yesterday's ECB Meeting euro was pushed surprisingly high all the way to 1.09 handle. The cause behind this uptrend is that despite announced monetary measures markets were anticipating something more out of ECB and as a result, pair completely rebounded and broke above recent uptrend line which is of course a bullish sign. Tomorrow, we would pay attention to NFP figures though markets are likely to still be influenced by ECB.

Any type of supportive candles around 1.0850 and 1.08 handle would be short-term buying signal, while resistive candles around 1.10 handle would offer short-term selling opportunity. On a long-term basis, selling is not an option now when we have seen break above aforementioned uptrend line. We believe that if see break above 1.10 handle pair could go much higher, all the way to 1.12 area. With that being the case we would wait for pullbacks that show signs of support in order to starts buying the market.

More in this category: « GBP/USD Daily Forecast – 04 December AUD/USD Daily Forecast – 07 December »

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