The EURUSD has bounced from 1.0600 support and it is slowly grinding to the upside. A slow grind reflects its bearish trend as it is a fine, gradual retracement rather than a wild ,strong rally. The ECB policy board is scheduled for December 3 and we will see if ECB will take additional easing steps (further cut in the deposit rate). As i have been showing on my Session Recap webinars, the EURUSD is bearish and safest trades are short trades on rallies.
Technically, the pair is captured inside a wedge and only a break below 1.0650 (bottom of the wedge,38.2,E89) will target 1.0600 zone and below. However if we dont see a breakout soon, the pair could rally up to POC 1.0725 zone (H4, 78.6, X-cross) where it could be rejected towards the edge again. So, we need to pay attention to wedge and POC to estimate where the pair will react in short term.
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
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