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Forex Analysis
by ForexNewsNow Team on December 2nd, 2010

EUR/USD forex technical analysis round-up: Dec. 2

NEW YORK (Forex News Now) – The euro was rising against the greenback today, trading at 1.3162 as of around 9:40 A.M., GMT on Thursday.

The euro is up 0.179% on the day and has reached  a session high of 1.3171 with a low of 1.3088 so far.

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

Investija.com writes that EUR/USD has formed a new support barrier, established a wide trading range between current support and resistance levels.

“While bears remain their movements below 1.3130, they have more more potential to reach support barrier once again. Selling options are better opportunities for now,” it adds in its intraday analysis.

Forexcycle, for its part, predicts that range trading between 1.2969 and 1.3250 is expected in a couple of days.

It adds in its intraday analysis: “Support is at 1.2969, below this level could indicate that the downtrend from 1.4281 has resumed, then another fall to 1.2700 could be seen.”

Finally, Precise Trader notes that the MA is suggesting a choppy session and the oscillators are bullish.

“The patterns are suggesting that the low may have been seen provided 1.3015-1.2970 holds and 1.3185 gives way, 1.3080-20 are the critical levels to watch to maintain the bullish outlook,” it elaborates.

By ForexNewsNow Team

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