eur usd weekly-1.1050 is strong resistance

eur usd weekly technical report for 7 to 11 dec. 2015

eur usd weekly technical report for 7 to 11 dec. 2015

Euro dollar pair this week closed with almost 3% gains. Strong reversal moves given by euro on fundamental change. After last 4 weeks continues to fall this week move covered almost last 3 weeks losses for the euro.

On weekly chart euro still in downtrend but momentum is on the recovery side. For next week, 1.1050 and 1.1180 are 20 and 50 weeks ema resistances as well as target zones. On the downside, 1.0850 and 1.0670 support zones and trailing stop loss levels for long traders.

On the monthly chart, the euro has formed a double bottom pattern which is a bullish pattern and suggesting a long trade for investors. For investors, the euro has its first stop loss at 1.15.

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