Intraday technical levels and trading recommendations for EUR/USD for December 4, 2018


On the Daily chart, the pair has been moving sideways with slight bearish tendency. Recent bearish consolidations are maintained within the depicted daily movement channel.

On November 13, the EUR/USD pair demonstrated recent bullish recovery around 1.1220-1.1250 where the lower limit of the channel as well as the depicted demand zone came to meet the pair.

A quick bullish advance was demonstrated towards 1.1420. To be noted that prominent supply zone as well as the previous wave high are located around 1.1420-1.1520.

Bullish fixation above 1.1420 is needed to enhance further bullish movement towards 1.1520. However, the market has demonstrated significant bearish rejection around 1.1420 few times so far.

The EUR/USD pair remains under bearish pressure below 1.1420. Thus, the pair remains trapped between 1.1420 and 1.1270 until a breakout occurs in either direction.

Bullish fixation above 1.1420 enhances a further bullish advance towards 1.1520 and 1.1610.

On the other hand, if an early bearish breakout below 1.1270 is achieved on lower timeframes, a quick decline should be expected towards 1.1270 and 1.1170-1.1150.

The material has been provided by InstaForex Company -