empty
 
 
01.12.2023 04:27 PM
Trading Signals for EUR/USD for December 1-4, 2023: buy above 1.0850 (5/8 Murray - oversold)

This image is no longer relevant

Early in the American session, the EUR/USD pair is trading around 1.0868, below the 21 SMA, and below the 200 EMA under strong selling pressure but reaching oversold levels.

In the H1 chart, we can see that the euro is approaching the 5/8 Murray support around 1.0864. This level could be seen as an opportunity for a strong technical rebound and the euro could return to 1.0908 and even towards the top of the downtrend channel around 1.0930.

In case the downward pressure persits, the euro could encounter rejection at the bottom of the downtrend channel around 1.08. This level could also offer an opportunity for a technical rebound and could be seen as a signal to buy.

According to the eagle indicator, the euro is trading in an extremely oversold zone since November 29th. So, EUR/USD is expected to have a technical rebound in the coming days and it could reach the 200 EMA at 1.0910.

The market sentiment report shows that there are 46.61% who are selling the euro and 53.39% who are buying. This means that the euro could continue to fall in the coming days, but due to oversold conditions, a technical rebound is expected to occur. Then, selling will resume.

Dimitrios Zappas,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback