EURUSD Jumps Slightly After G20 Meeting


The EURUSD pair moved up slightly today after the G20 meeting. Going forward, the pair will likely be affected by the PMI data from Europe and the US. 

December 3, OctaFX – The euro has opened the new trading week on stronger footing against the US dollar currency, following a positive outcome from the weekends G20 Summit.

EURUSD Technical Analysis

The EURUSD pair has bounced from the 1.1300 level, putting the bullish inverted head and shoulders pattern on the lower time frames back in focus. Overall, a clear break from the 1.1300 to 1.1400 price range is needed to encourage short-term directional traders to enter into the market.

  • The EURUSD pair is only bullish while trading above the 1.1400 level, key technical resistance remains at the 1.1470 and 1.1500 levels.
  • If the EURUSD pair trades below the 1.1300 level, sellers may test the 1.1270 and 1.1216 levels.

Disclaimer

This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

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