Trading recommendations :
- According to the previous events, the EUR/USD pair has still been trapped between the level of 1.2315 and 1.2440.
- Strong resistance will be formed at the level of 1.2478 (61.8% Fibonacci retracement levels) providing a clear signal for sell deals with the targets at 1.1403 and 1.1317.
- Stop-loss is to be placed above 1.1480.
- Strong support will be formed at the level of 1.2283 providing a clear signal for buy deals with the targets seen at the 1.2390 and 1.2441 levels.
- Stop-loss is to be placed below the level of 1.2283. This level represents the double bottom on the H1 chart.
Observations :
- The double top will be set at the level of 1.2506 and the double bottom has already been set at the mark of 1.2283.
- The value of 61.8% Fibonacci retracement levels is 1.2478 (for confirming the bearish market).
- We expect a range of 124 pips today.
- But it should be noted that the risk of 80 pips must make a profit of 120 pips.
- Volatility: 246.79.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of EUR/USD for December 5, 2014 . Thanks for your support.
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