EUR/USD Could Move Lower
| Dec 06, 2021 08:49AM ET
Looking at the EUR/USD chart, we can see the quick climb from 1.126 to 1.138 on Nov. 30, followed by a correction back to 1.126. It bounced from 1.126 support to the 1.134 range, where it traded for a few days, holding above the 1.13 zone.
However, it didn’t consolidate successfully above the 1.13, falling below the 1.128 as it struggled to move above the 1.132 resistance level. It is currently trading at the 1.128 range, having its closest support level at 1.126.
Today, we could expect an attempt to move closer to the 1.126 support level due to the correction on Dec. 1, which may have spiked negative short-term momentum.
However, if it manages to hold on to the current level, a move towards the 1.132 resistance level can be expected.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.