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EUR/USD: technical analysis 06.12.2019

Current trend

On the 4-hour chart, the instrument keeps a positive dynamic and testing the 1.11084 resistance. Assuming the pair’s ability to cross this level, the mark of 1.11237 can be targeted if holding long positions. Should prices continue growing above 1.11237, the level of 0.1.11389 might try activating a downward rebound.

Alternative scenario

Failure to conquer the 1.11084 mark seems fetching the EUR/USD to 1.10931 support.
The downward trend will be restored after the price is set below the level of 1.10870, which is the middle line of Bollinger Bands. In this case, the next targets of sellers will be the level of 1.10779-1.10626.

Technical indicators reflect the maintenance of the upward potential.
Bollinger Bands are diverging on the background of bullish momentum.
MACD stabilized in the positive zone.
Stochastic is in the overbought zone and is pointed upwards.

Support and resistance

Support levels: 1.10931, 1.10779, 1.10626.
Resistance levels: 1.11084, 1.11237, 1.11389.

Trading recommendations

Short positions can be opened below the level of 1.10931 with the target at around 1.10779-1.10626 and stop-loss at 1.11030.
Long positions can be opened above the level of 1.11084 with the target at around 1.11237-1.11389 and stop-loss at 1.10982.

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