EUR/USD Daily Analysis: December 4, 2017

EUR/USD stays above a bullish trend line on the 4-hour chart and remains in the uptrend from 1.1554. As long the trend line support holds, the price action from 1.1961 could be treated as consolidation of the uptrend, and a breakout of 1.1961 resistance could trigger further upside movement towards 1.2092 (Sep 8 high). Key support is now at 1.1809, only a breakdown below this level will indicate that the uptrend from 1.1554 had completed at 1.1961 already, then the following downside movement could bring price back to next support level at 1.1712. Below this level would aim 1.1554, followed by the resistance-turned-support trend line on the weekly chart now at around 1.1390.

EUR/USD H4 Chart

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