EUR/USD forex technical analysis round-up: Dec. 8

ForexNewsNow | Published on December 8, 2010 at 4:11 am

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NEW YORK (Forex News Now) – The euro was falling against the greenback today, trading at 1.3210 as of around 9:00 A.M., GMT.

The euro is down 0.385% on the day and has reached a session high of 1.3281 with a low of 1.3193 so far.

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

Investija.com writes that resistance level for EUR/USD looks like a very strong barrier.

“At the moment bears are trying to decline the price, however – waiting action is better option for now. Selling options are valid just below 1.3090 price barrier. A negative channel pattern is expected for now,” it adds in its intraday analysis.

Forexcycle, for its part, notes that the currency pair has formed a cycle top at 1.3437 level on the 4-hour chart.

Drop towards 1.2969 previous low is expected in a couple of days, a break below this level will indicate that the downtrend from 1.4281 has resumed, then next target would be at 1.2800 area. Key resistance is at 1.3437, only break above this level could bring price to 1.3600 zone,” the realtime forex news site continues.

Finally, Precise Trader writes that a cautious approach is needed for the bears as hourly oscillators are bearish but weak and the price is within MA.

It adds: “Hourly trend is sideways down while 13350 holds and daily trend is turning up while 13065 holds, so expect the price to be choppy with a  potential to break lower. “

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