EURUSD rallies, gaining 60 pips (0.54%) within a single day

Euro/US Dollar (EURUSD) Technical Analysis Report for Dec 02, 2019 | by Techniquant Editorial Team


EURUSD soars, gaining 60 pips (0.54%) within a single day
EURUSD breaks above 100-day moving average for the first time since November 4th
EURUSD rises to highest close since November 4th
EURUSD closes higher for the 3rd day in a row
EURUSD pushes through Friday's high


Moving higher for the 3rd day in a row, EURUSD finished Monday at 1.1079 surging 60 pips (0.54%). This is the biggest single-day gain in over two months. The last time we've seen such an unusually strong single-day gain on October 17th, EURUSD gained 0.42% on the following trading day. Today's close at 1.1079 marks the highest recorded closing price since November 4th. Closing above Friday's high at 1.1028, the forex pair confirmed its breakout through the prior session high after trading up to 62 pips above it intraday.

Daily Candlestick Chart (EURUSD as at Dec 02, 2019):

Daily technical analysis candlestick chart for Euro/US Dollar (EURUSD) as at Dec 02, 2019

Monday's trading range has been 87 pips (0.79%), that's far above the last trading month's daily average range of 41 pips. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for EURUSD.

One bullish candlestick pattern matches today's price action, the White Candle.

The Euro managed to close above the 100-day moving average at 1.1073 for the first time since November 4th.

While still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Buying could speed up should prices move above the close-by swing high at 1.1097 where further buy stops might get activated.

Among the 13 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 100" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for EUR/USD. Out of 75 times, EURUSD closed lower 61.33% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 54.67% with an average market move of -0.18%.

With four out of the other six Major FX Pairs closing higher today, the ones that stand out on the positive side are NZDUSD gaining 1.25% and AUDUSD closing 0.84% higher. On the flipside the worst performers have been USDCHF closing -0.88% lower and USDJPY losing -0.47%. Looking at the Minor FX Pairs and Crosses, the winners of the day have been NZDCAD surging 1.45% and NZDHKD closing 1.24% higher. The worst performers of the day have been USDHUF tanking -1.33% and USDPLN closing -1.19% lower. Read more

Market Conditions for EURUSD as at Dec 02, 2019

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