EUR/USD forex technical analysis round-up: Dec. 6

ForexNewsNow | Published on December 6, 2010 at 3:32 am

NEW YORK (Forex News Now) – The euro was falling badly against the greenback today, trading at 1.3336 as of around 8:25 A.M., GMT.

The euro is down 0.59% from Friday’s close and has reached a session high of 1.3423 with a low of 1.3327 so far.

This is what the analysts say about the heavily traded currency pair in the near-term:

Investija.com notes that EUR/USD bulls have initiated a strong recovery toward resistance at 1.3415, but warns of another rebound  by bears toward support at 1.2981.

“Even though bulls look stronger for now, significant resistance barrier still holds them from further climbing to the top side. At the moment, look for more buying options only above resistance barrier, but first a confirmation of breakout is needed,” it says in its intraday analysis.

Meanwhile, Forexcycle writes that the currency pair has reached the falling trend line from 1.4281 to 1.3785.

“Pullback from the trend line resistance would likely be seen later today. Support is at 1.3200, a break below this level will indicate that a cycle top has been formed on 4-hour chart, then another fall to 1.2800 area could be seen,” the online FX trading site adds.

Finally, Precise Trader writes that the hourly oscillators are bullish but overbought and the price is above the MA, so a cautious approach is needed for the bulls.

It adds: “Hourly trend is limited up while 1.3275 holds and daily trend is turning up while 1.3065 holds, so expect the price to have a minimum upside and the bulls have to be cautious.”

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