EUR/USD Daily Forecast – 08 December
Euro was initially pushed lower in the course of the session on Monday, but found area around 1.08 handle to be supportive enough in order to rebound and by the end of the session broke once again above 1.0850 level, thus forming a hammer as a daily candle. This decline does not come as a surprise having in mind recent huge uptrend in euro after which pair has to consolidate a bit.
With that being the case we believe that any type of supportive candles around 1.08 handle would offer short-term buying opportunity, while resistive candles around 1.09 and 1.0930 level in extension would be short-term selling signal. On a long-term basis, we would at the moment remain on the sidelines. As long as we are below 1.10 handle we would not consider buying the pair, as this is area is large, round and psychologically important figure. On the other side, if we see break below 1.07 handle this would be signal for us to start shorting the pair.
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