EUR/USD forex technical analysis round-up: Dec. 9

ForexNewsNow | Published on December 9, 2010 at 4:42 am

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NEW YORK (Forex News Now) – The euro was falling against the greenback today, trading at 1.3253 as of around 9:30 A.M., GMT.

The euro is down 0.07% on the day and has reached a session high of 1.3323 with a low of 1.3244 so far.

This is what the analysts say about the heavily traded currency pair in the near-term: says that EUR/USD formed new support and resistance barriers.

“While support level remains active, look for short term buying opportunities. However bullish movement is limited while resistance barrier holds. Just above resistance level, bulls can expect to climb to higher levels. An extension of rebound towards resistance is expected for now,” it says in its intraday analysis.

Forexcycle notes that the currency pair formed a cycle top at 1.3437 level on 4-hour chart, although another fall to 1.3050 area is still possible later in the day.

“Resistance is at 1.3437, only break above this level could indicate that the downward movement from 1.4281 had completed at 1.2969 already, then the following uptrend could bring price to 1.3600-1.3700 area,” the realtime forex news site adds.

Meanwhile, Precise Trader writes that the hourly oscillators are bullish but weak and the price is within the ma, so cautious approach is needed for the bulls.

“Hourly trend is limited down while 13350 holds and daily trend is turning up while 13065 holds, so expect the price to have a minimum downside and the bears have to be cautious,” it concludes.



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