EUR/USD for December 04,2019 – First upward objective at the price of 1.10964 reached, potential for more upside

Source: Forex Analysis
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EUR did break our important multi-pivot resistance at 1.1094 and reached first upward target. There is potential for further upside and potential test of 1.1176 (second upward target).

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MACD oscillator is showing increase on the upside momentum, which is good sign that buyers are in control and that buying on the dips is preferable strategy for today.

The cause of the upside move on the EUR may be the news from ECB this week combined with US-China potential trade deal.

Support levels are seen at the price of 1.1094 (resistance became support) and 1.1066. Resistance level is set at 1.1176.

The material has been provided by InstaForex Company – www.instaforex.com