Trading recommendation on EUR/USD for December 01, 2014 Market Analysis Review

This calendar week stocks lots of important economic events which can greatly affect the pair in the near term. We can expect highly volatile week ahead of the ECB press conference on Thursday December 04, 2014. This week started with a SNB vote on a gold-asset requirement. The Swiss referendum weighs against Gold and supported the US dollar. On the Euro front, Spanish and Italian manufacturing PMI will be published. On the greenback front, ISM manufacturing PMI data will be released at today's session. Today, the pair opened on a bearish note, opened higher at 1.2463. Until the prices are trading below 1.2463, we recommend not to be on the buying side. The pair has the nearest support at 1.2350 and 1.2320. Panic will be triggered below 1.2320. Bears can challenge 200 odd pips on the down side. If a weekly close is below 1.2350, we can expect 500 odd pips correction on the down side from the longer-term view. The pair has strong longer-term support at 1.2226. Below 1.2226, the levels of 1.2045 and 1.1876 are another multiple support levels. We have been recommending selling on every upswing with the downside initial targets at 1.2320 and 1.2230.

From an intraday view, the prices are closed and trading below 12ema and 35DEMA. The pair opened below the 20Dsma. The pair has been taking support at 1.2427. We recommend fresh selling below 1.2425 with the targets at 1.2415, 1.2405 ,1.2395, and 1.2375. On the down side, the pair has support at 1.2358, below this 1.2350, 1.2325 and 1.2228. In case if the pair corrects below 1.2358, again the selling pressure will increase. The panic will be triggered below 1.2320. On an intraday and positional basis, we recommend selling on every upswing.

Trade: selling below 1.2425.

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Technical analysis of EUR/USD for December 01, 2014 Market Analysis Review

When the European market opens, some economic news will be released such as Spanish Manufacturing PMI, Italian Manufacturing PMI, and Final Manufacturing PMI. The US will release the economic reports too such as the Final Manufacturing PMI, ISM Manufacturing PMI, ISM Manufacturing Prices. In this context, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2497.

Strong Resistance:1.2489.

Original Resistance: 1.2477.

Inner Sell Area: 1.2465.

Target Inner Area: 1.2435.

Inner Buy Area: 1.2405.

Original Support: 1.2393.

Strong Support: 1.2381.

Breakout SELL Level: 1.2373.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Technical analysis of USD/JPY for December 01, 2014 Market Analysis Review

In Asia, Japan will release the Capital Spending q/y and Final Manufacturing PMI. The US will also release some economic data such as Final Manufacturing PMI, ISM Manufacturing PMI, and ISM Manufacturing Prices. So, there is a big probability the USD/JPY pair will move with low to medium volatility during the Asian session, and with the same volatility too during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 119.47.

Resistance. 2: 119.24.

Resistance. 1: 119.01.

Support. 1: 118.72.

Support. 2: 118.49.

Support. 3: 118.26.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Daily analysis of major pairs for December 1, 2014 Market Analysis Review

EUR/USD: The bias on the EUR/USD pair remains bearish in spite of bull's effort to push price upwards. Rallies into the resistance lines at 1.2500 and 1.2600 should be seen as short-selling opportunities (for price may go further downwards from there). It is only a break above the resistance line at 1.2600 that can render the bearish bias invalid.

USD/CHF: The bias on this pair remains bullish in spite of the bearish attempt on it. Pullbacks into the support levels at 0.9600 and 0.9550 should be seen as good offers to buy long, unless price breaks the support level at 0.9550 to the downside. In that case, the bias could turn bearish.

GBP/USD: The Cable is weak, even weaker than EUR/USD. Therefore, long trades are not currently recommended unless price breaks the distribution territory at 1.5800 to the upside. In the near-term, price may touch the accumulation territories at 1.5600 and 1.5550.

USD/JPY: The ultimate target for USD/JPY is at the supply level of 119.00, and price is now close to that target. With further strength in the market, the supply level can be breached to the upside as the bulls continue to push price up. In that case, the next target could be the supply level at 119.50.

EUR/JPY: This cross moved upwards at the beginning of last week and then moved sideways; before breaking further upwards on Friday. As expected, momentum has returned to this market and it has resumed its upwards journey. This has happened following the short-term base that was built by the sideways movement that occurred last week. The ultimate target is at the supply zone of 149.00 – which would be reached only with significant strength in the market.

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Daily analysis of USDX for December 01, 2014 Market Analysis Review

The USDX continues to strengthen in the bullish trend above the level of 87.93 in the H4 chart. The USDX is trying to touch new high levels, although the resistance level of 88.44 has been very strong. However, if this instrument can overcome this barrier, it's expected to touch the resistance level of 88.65. The MACD indicator is in the overbought zone.

H4chart's resistance levels: 88.27 / 88.44

H4chart's support levels: 88.19 / 87.93

In the H1 chart, the USDX is forming a bullish pattern above the 88.15 level, because this instrument managed to stay strong above the 200-day moving average at the last session. On the upside road, objectives would be set at the levels of 88.43 and 88.71. The possibility that the USDX falls again to the level of 87.86 is not ruled out.

H1 chart's resistance levels: 88.43 / 88.71

H1 chart's support levels: 88.15 / 87.86

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 88.43, take profit is at 88.71, and stop loss is at 88.14.

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Daily analysis of GBP/USD for December 01, 2014 Market Analysis Review

The GBP/USD pair has had a strong fall below the resistance level of 1.5746, because this pair is trying to continue the bearish trend in the medium term. If the GBP/USD pair manages to form another fractal at the current levels, this pair is likely to rise up again to the level of 1.5746. Now, the MACD indicator is entering the overbought area.

Dailychart's resistance levels: 1.5746 / 1.5883

Dailychart's support levels: 1.5642 / 1.5506

In the H1 chart, the GBP/USD pair has made a rebound at the support level of 1.5632. The GBP/USD pair may perform a retracement to the 1.5686 level, which is below the 200-day moving average. However, this pair has been very solid in the current bearish trend from the November 27's session, so we could see this pair drop to the level of 1.5590. The MACD indicator is entering the oversold area.

H1 chart's resistance levels: 1.5739 / 1.5810

H1 chart's support levels: 1.5686 / 1.5632

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5632, take profit is at 1.5590, and stop loss is at 1.5672.

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Elliott wave analysis of EUR/NZD for December 1 - 2014 Market Analysis Review

Technical summary:

We are still looking for a break above minor resistance at 1.5920 to confirm acceleration higher towards 1.6000 and 1.6273. Only an unexpected break below support at 1.5788 will delay the expected upside for a move slightly lower to 1.5745 before the next upside pressure should be expected.

Trading recommendation:

We are long in EUR from 1.5830 with stop placed at 1.5775. If you are not long in EUR yet, then buy a break above 1.5920 and use the same stop at 1.5775.

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Elliott wave analysis of EUR/JPY for December 1 - 2014 Market Analysis Review

Technical summary:

We are still looking for wave b a little higher towards 148.25 before wave c lower towards 143.88 will be ready to take over. Short term, we should expect minor support at 147.31 will protect the downside for a break above minor resistance at 147.77 confirming the last rally higher to 148.25 and set the stage for wave c lower towards 143.88. Only a direct break below support at 146.88 will indicate that the wave is already over and wave c lower is already unfolding.

Trading recommendation:

We are still looking to sell EUR at 148.10 with a stop at 149.25.

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USDCAD Daily Analysis - December 1, 2014 Forex Analysis

USDCAD is facing 1.1466 resistance, a break of this level will signal resumption of the uptrend from 1.0619 (Jul 3 low), then next target would be at 1.1600 area. Support is at 1.1380, only break below this level could bring price back to 1.1200 area.

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USDCHF Daily Analysis - December 1, 2014 Forex Analysis

USDCHF moved sideways in a trading range between 0.9531 and 0.9739. As long as 0.9531 support holds, the price action in the range could be treated as consolidation of the uptrend from 0.9370, another rise to 1.0000 could be expected after consolidation. Resistance is at 0.9739, a break of this level could signal resumption of the uptrend.

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USDJPY Daily Analysis - December 1, 2014 Forex Analysis

USDJPY broke above 118.97 resistance, indicating that the uptrend from 105.32 has resumed. Further rise could be expected, and next target would be at 122.00 area. Support is now at 117.23, only break below this level could signal completion of the uptrend.

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AUDUSD Daily Analysis - December 1, 2014 Forex Analysis

AUDUSD's downward movement from 0.8795 extended to as low as 0.8416. Resistance is now located at the downward trend line on 4-hour chart, as long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 0.8300 area. Only a clear break above the trend line resistance could signal completion of the downtrend.

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GBPUSD Daily Analysis - December 1, 2014 Forex Analysis

GBPUSD broke below 1.5590 support, indicating that the downtrend from 1.6182 has resumed. Further decline could be expected, and next target would be at 1.5400 area. Resistance is at 1.5670, only break above this level will indicate that lengthier consolidation for the downtrend is needed, then further rise to test 1.5825 resistance could be seen.

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EURUSD Daily Analysis - December 1, 2014 Forex Analysis

EURUSD moved sideways in a trading range between 1.2358 and 1.2599. The price action in the range is likely consolidation of the downtrend from 1.2867, another fall to 1.2000 area is still possible after consolidation. Support is at 1.2358, a breakdown below this level could signal resumption of the downtrend.

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