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Wait | 05 December 2019

05 December 2019, EUR/USD

Wait for a possible 61.8% retracement to pick a low risk buy.

Technical Observation

Yesterday, EURUSD could not clearly break and close above the swing high 1,1-950. As I stated yesterday, I expect EUR to rally intensely to the lower side, but should nit go beyond the 61,8% fib level, On its way to the lowerside, the key levels to look for include 23.6% fib level, 38.2% fib level and 50.0% fib level, if the price breaks and closes below these levels including the last level, then a bounce from 61.8% fib level is expected, But on the otherwise, should we see a rise above the highest high 1.10950, then a momentum to the upperside is expected.

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Imelda Maseno
Analyst of «FreshForex» company
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