FX.co - EUR/USD analysis for December 08, 2021 - Fake breakout of the key resistance

2021-12-08T12:22:26

Relevance until2021-12-09

Technical analysis:

EUR/USD analysis for December 08, 2021 - Fake breakout of the key resistance

EUR/USD has been trading downside today. There was fake breakout move of the 1,1298. Potential for the further downside movement....

Trading recommendation:

Due to fake breakout of the resistance at the price of 1,298, I see potential for further drop.

Watch for selling opportunities on the rallies with the next downside targets at 1,1235 and 1,1227.

Stochastic is showing fresh bear cross and bearish divergence, which is another sign and confirmation for the downside rotation.

Key resistance is set at the price of 1,1300

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ EUR/USD analysis for December 08, 2021 - Fake breakout of the key resistance