Market sentiment is mixed. FED is largely expected to raise rates for the third time this year. The key factor will be the tone toward further rate hikes, as chances of getting another three hikes in 2018 have been steadily decreasing.
Our prediction is EURUSD will be priced between 1.17500 – 1.20000 during December.
On the weekly chart, EURUSD ended the week above EMA20 and upper at 1.18980.
Priced reversed from 1.18500 support. 1.19320 and 1.19600 are the intraday resistance levels. Price will continue its upward movement as long it stays above the 1.18500 support.
On the downside 1.18100 and 1.17500 are the key levels.
PATTERN: A possible is being formed in the . We may see EURUSD tests 1.20300 – 1.20600 region and pullback towards 1.18500 – 1.17500.
Weekly fundamentals will play the key role in this technical formation.