FX.co ★ Technical analysis of EUR/USD for December 3, 2014

Overview: 

• The EUR/USD pair has rebounded from the minor support at 1.2322, but the major support had already set at the level of 1.2277 which represents the weekly support 1. The price is now approaching its support in order to test it, so it will probably start upside movement in this area and recovery again. Therefore, it will be a good sign to buy at this spot with the first target of 1.2364 and continue towards 1.2390 (it should be noted that this level will form the weekly resistance 1). Furthermore, it should also be noted that the price has still been trapped between 1.2390 and 1.2280. At the same time, the RSI and the moving average (100) are still calling for downtrend in H1. Thus, the market indicates a bullish opportunity at the level of 1.2390 with the first target at 1.2303 and further at 1.2277 in H1 chart. However, if the price closes above the weekly pivot point 1.2450, then the best place to set a stop loss should be at 1.2466.