Weekly Price Action Trading Outlook for December 10th – December 14th 2012

EURUSD – Euro/dollar remains range-bound

When we last talked about the EURUSD in Tuesday’s commentary, we mentioned it was fast approaching the key resistance zone at 1.3130 – 1.3171. We can see the market moved up to just below that resistance on Wednesday, hitting a high of 1.3126 before reversing sharply into the week’s end. This market did show some bounce off support at 1.2875 on Friday, however Friday’s bar is definitely not a pin bar, despite the many emails we received from traders thinking it was a pin bar. If you need more clarification on the pin bar please see this article: pin bar definition. This week, if the EURUSD can hold above 1.2875 we could see higher prices, otherwise if it moves down it will face another support near 1.2820 – 1.2800 that we could watch for price action buy signals forming near.

credit : Forex Trading Commentary by Nial Fuller 

EUR/USD Forecast December 10, 2012, Technical Analysis

The EUR/USD pair fell during the balance of the Friday session as the US jobs number came out much stronger than anticipated. However, once the Europeans went home for the weekend, the Americans pushed this pair back up as a typically will do with good news.

The 1.29 level seems to be very supportive, and as a result we had this hammer form. Because of the shape of the candle, it looks like we are going to get a bit of a bounce from this area, and as a result we will more than likely see higher prices going forward. On a break of the highs from the Friday session, we would be willing to buy this pair and aim for the 1.31 handle again.

Credit : FX Empire Analyst - Christopher Lewis