EUR/USD Closed Between 61.8 And 50% Retracement Of Recent Down Trend
Admirals | Dec 02, 2013 06:32AM ET
The last few days were rather lazy on the main pair on the Forex market. It is mainly due to the Thanksgiving and Black Friday at the end of the previous week. Technically, we should currently be slightly more positive. This sentiment should be driven by the large inverted head and shoulders formation which is labeled yellow on the chart. Currently, the price is fighting on the neckline (red). Defending this level should be the plan for the buyers if they want to hold up the positive sentiment on this pair. If the price falls below and in the same time breaks the green support along with the 50% Fibonacci, the positive sentiment will be denied.
December starts with some interesting fundamental events like Ben Bernanke speech and the ISM Manufacturing PMI.
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