After a strong downtrend, the EUR/USD pair found the support near the area of 1.05 followed by a strong correctional wave up.
Currently, it looks like the correction is not over yet since the price broke above 23.6% and 38.2% Fibonacci resistance levels and could be heading now towards the next level of 50% retracement. After the 38.2% breakout, the price returned back to it and now it should be acting as a support inviting short-term buyers.
Consider buying EURUSD while it is trading near S1 (1.0970) to target R1 (1.1100) area.
Support: 1.0971, 1.0797
Resistance: 1.1113, 1.1255
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of EUR/USD for December 10, 2015 . Thanks for your support.
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