EUR/USD: Weekly Technical Analysis For Dec 1-5, 2014

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The U.S dollar shed some gains against the Euro during last weeks trading session after reports showed German Business Ifo Climate hit its highest at 104.7 which bolstered the Euro currency against all its other counter parts.

Weekly bias in the EUR/USD remains neutral during the early days of this weeks trading session as investors await the outcome of the Euro Central Bank Press Conference scheduled on Thursday. The outcome of the meeting will shed more light on where the pair will be heading towards, however investors are expecting more dovish comments from ECB President Mario Draghi as regards to inflation.

Technically a double bottom formed chart pattern on the daily time frame signifies the bulls might start to take over the current bearish trend if we get a clear break  of 1.25985 resistance, which might bring further rise to 1.27689 resistance.

On the downside, a clear break of 1.23568 supports will bring further decline to 1.22000 psychological zones in the medium term picture and 1.20442 supports in the long term picture.


Key economic reports investors would be monitoring closely in the Euro and U.S economy are ECB Press Conference, Minimum Bid Rate, U.S Non-Farm Employment Change, Unemployment Rate, ISM Manufacturing PMI.


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