EUR/USD Analysis – December 2nd 2012

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Resistance on EUR/USD

Not much has changed since last week as EUR/USD closed only 20 pips up from last weeks open. Buyers are again facing resistance from large groups of sellers above last weeks close. These sellers already have a strong history of pushing buyers back from these areas so buyers might be in for some trouble. Here are the resistance areas to watch our for this week.

  • 1.3000-1.3020
  • 1.3130-1.3150
  • 1.3240-1.3260

I will be looking to trade reversals from each of these areas using my trading strategy.

Support on EUR/USD

Below you can see my support areas for this week.

1.2890-1.2920
1.2810-1.2830
1.2765 (minor support)
1.2700-1.2720

Groups of buyers in the areas above may cause sellers to either stall or completely reverse. I will probably enter buy reversals on these areas if I see the right set up.

Hope you found the analysis useful.