Technical analysis for EUR/USD for December 7, 2018

EUR/USD continues to trade near the upper triangle boundary resistance at 1.1380-1.14. Short-term trend remains neutral as long as price remains inside the triangle pattern.

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Red lines - triangle pattern

EUR/USD has resistance at 1.1380-1.14 and support at 1.12 on a daily chart. Shorter-term support is found at 1.1310. If this level is broken, we expect price to move towards the lower triangle boundary at 1.12. Breaking below 1.12 would push prices even lower towards 1.08-1.09 at first. Breaking and closing above 1.14 would be a bullish sign that could push prices towards 1.15-1.16. Non-farm payrolls in the US are announced today and we expect volatility to rise after the news announcement. A break of resistance or support is highly likely today.

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