Forex Trading: EURUSD Technical Analysis – December 02, 2019

The Euro (Eur) slips down against the US Dollar (USD) on Monday, decreasing the price to less than 1.1100. The price went down due to an unfavorable economic release. As long as the technical bias is concerned, it might remain bearish since a higher low may be seen on the graph during the recent upside move.

EUR/USD: Technical Analysis

As of this writing, the EURUSD is being exchanged around 1.1019, with a lot of resistance levels ahead. The first resistance level may come across the price around 1.1034, the key horizontal resistance ahead of 1.1058, the trend line resistance. Both of these levels may restrict the price from increasing further. The price may then meet the 61.8% Fib level near 1.1130 as shown in the graph below.

EURUSD

Coming towards the downside, a support may come across the price around 1.0974, the major horizontal support which may prevent the price from falling below the said level ahead of a trend line support which stands next near 1.0915, and then 1.0879, the low of October 01, 2019 may support the price helping it to stay above the said level as shown in the graph above.

EUR Unemployment Rate

From the fundamental point of view, the unemployment rate published by the Bundesagentur für Arbeit and released by the German Statistics Office shows the same 5 percent rate as the previous month, using seasonally adjusted data, it shows the percentage of unemployed people in Germany.

In general, a decline in this indicator has a positive impact on consumer spending that stimulates economic growth.

Trade Idea

Seeing the pair’s overall price activity over the past few days, selling EURUSD around current levels may not be a smart short- to medium-term decision.

 

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