empty
 
 
02.12.2019 08:28 AM
Technical analysis recommendations for EUR/USD and GBP/USD on December 2

EUR / USD

This image is no longer relevant

On Friday, the players on the upside showed activity and made an attempt to change the situation, which they partially succeeded. The other day, opportunities were formed for an upward correction and the weeks closed with a candle of uncertainty, but it was not possible to significantly change the mood of the month on its last day. As a result, it can be stated that it is important for the players on the downside to stay in the bearish zone relative to the daily cloud, maintain support for the weekly short-term trend and securely gain a foothold below the monthly minimum (1.0981). The most significant resistance zone is now located in the range 1.1030 - 1.1082 (daily cloud + daily cross + weekly levels). Now, consolidating above can serve to further strengthen the players to increase, with the goal of testing for strength the most important levels of this section, located in the area 1.1145 (monthly Tenkan + weekly Kijun).

This image is no longer relevant

In the lower halves, the players on the upside consolidated above the key supports 1,1009-12 (central Pivot level + weekly long-term trend). Therefore, they have an advantage. Now, the weakening factors are the circumstances that the pair is in the downward correction zone, the development of which technical indicators support by a majority of votes. On the other hand, resistance of the classic Pivot levels 1.1037 - 1.1056 - 1.1084 can act as upward guides within the day today. In case of consolidation under the supports (1.109-12), the update of the minimum extremum of November (1.0981) will be of primary importance, then 1.0962 (S2) - 1.0943 (S3) can provide support.

GBP / USD

This image is no longer relevant

The players on the upside managed to close November with an ideal Doji candlestick, which in this place contains quite good bullish opportunities, hidden until the players on the upside updated the maximum extremum of 1.3012. Meanwhile, the breakdown of the weekly cloud and consolidation above the zone of inhibition and uncertainty can return bullish activity comparable to October activity to the market. The next resistance is the monthly Kijun (1.3167). The daily cloud (the upper boundary of the region 1.2700 - 1.2750) and the weekly cross Ichimoku, strengthened by the monthly Tenkan (1.2577), continue to remain as supports.

This image is no longer relevant

In the lower halves, uncertainty prevails, since the preferences of the analyzed technical instruments now diverge. Today and in the near future, the task of the players on the upside is to consolidate above the central Pivot level (1.2915), as well as the maximums of the last week (1.2950) and the zone of uncertainty of the higher halves (1.3012). For the opponent, in turn, it is important to take hold of the weekly long-term trend (1.2894) and go down to the lows of the previous week 1.2822 and November 1.2768 in this situation.

Ichimoku Kinko Hyo (9.26.52), Pivot Points (classic), Moving Average (120)

Evangelos Poulakis,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback