EURUSD Rises Ahead of U.S. Employment Data【December 6, 2024】
Fundamental Analysis
EURUSD’s selling pressure has eased, with market focus shifting to U.S. employment data.
The pair has solidified above the 1.05 USD range, climbing toward 1.06 USD.
EURUSD Technical Analysis
Analyzing the daily chart of EURUSD:
EURUSD has risen near 1.06 USD after rebounding from a low around 1.033 USD. Following the bounce from 1.033 USD, it consolidated in the 1.05 USD range before advancing to 1.06 USD.
Currently, the Ichimoku Kinko Hyo’s baseline is acting as a resistance level. Additionally, the 28-day moving average is a critical level to watch. The market is awaiting insights from the U.S. employment data, with attention on whether the pair will reverse at the 61.8% Fibonacci expansion level.
Day trading strategy (1 hour)
Analyzing the 1-hour chart of EURUSD:
The pair has broken out of a range and risen near 1.06 USD. Profit-taking sell orders have emerged just below the 1.06 USD round number, a psychologically significant level.
In the daily chart, the baseline and 28-day moving average are converging, presenting a selling opportunity.
Suggested strategy: Set a sell limit just below 1.06 USD, targeting 1.055 USD for profit-taking. Set a stop-loss at 1.0625 USD if the price advances further.
Support/Resistance lines
Key support and resistance lines to consider:
1.06 USD: Round number resistance
1.05 USD: Round number support
Market Sentiment
EURUSD: Sell: 34% / Buy: 66%
Today’s important economic indicators
Economic Indicators and EventsJapan TimeJapan Household Survey & Consumer Spending8:30EU GDP19:00U.S. Employment Data22:30FOMC Member Bowman Speech23:15
*Trading advice in this article is not provided by Milton Markets, but by Shu Fujiyasu Jr., a certified technical analyst.
Risk Disclaimer
This analysis is for educational purposes only and does not constitute investment advice. Trading forex and CFDs involves significant risk and may not be suitable for all investors. Past performance is not indicative of future results.
This analysis is for educational purposes only and does not constitute investment advice. Trading forex and CFDs involves significant risk and may not be suitable for all investors. Past performance is not indicative of future results.
