Forex Trading: EURUSD Technical Analysis – December 05, 2019
The Euro (EUR) slid down against the US Dollar (USD) on Thursday, this caused a decrease in the price of EURUSD, bringing it to less than 1.1200. The price of the pair decreased after major economic news released. Considering the price movement of the pair over the last few days, it is anticipated that the technical bias may remain bullish because the pair’s price marked a lower high in the recent downside move.
EUR/USD Technical Analysis
As of this writing, the pair is being traded around 1.1107, support can be seen around 1.1082, the key horizontal support level ahead of 1.041, the trendline and then 1.1034, the low of October 17, 2019, which is likely to prevent the price from decreasing further as demonstrated in the given below chart.
Talking about the upside, resistance can be seen around 1.1129, the 61.8% Fib level resistance ahead of 1.1143, the trendline resistance and then comes 1.1285, the key horizontal resistance level as shown in the given above chart. The technical bias may remain bullish as long as 1.1082, the major horizontal support level remains intact.
EUR Unemployment Rate
The Bundesagentur für Arbeit reported the unemployment rate and published it by the German. With a reported figure of 5 percent the month before, it remained unchanged this month.
The percentage of unemployment, based on seasonally adjusted statistics, indicates the number of unemployed people in Germany.
Considering the overall price behavior of the pair over the last couple of days, selling the EURUSD around current levels can be a good decision in the short to medium term.