FX.co ★ Technical analysis of EUR/USD for December 7, 2015

Overview:

• The support of the EUR/USD pair has been already found at the level of 1.0790. The level of 1.0790 represents the weekly pivot point for 7-11, 2015. Furthermore, it will be very profitable to buy above this level in order to retest it in the long term. Therefore, buy deals are recommended above the weekly pivot point at 1.0790 with targets at 1.0925 and continues toward the point of 1.0980 to reach the double top.

Observations:

• The level of 1.0790 represents the weekly pivot point and the level of 1.0801 coincides with the ratio of 61.8% Fibonacci retracement level).
• We expect a range between the levels of 1.0801 and 1.1068.

The weekly technical analysis of EUR/USD pair: