FOREX TRADING STRATEGIES FOR TODAY DECEMBER 10
The sessions at the beginning of the week were relatively quiet. However, we believe that as we’re coming to the end of the week, the market will get hotter and reach the peak at Super Thursday. Stay cautious, guys. Choose your forex trading strategies carefully.
Important news for the day:
- The latest poll results show that the Conservative Party has increased its distance from the opposition Labor Party to 14% from 9% last week. This continues to push GBP up, but many experts warn it could be sold off if the results were not as expected.
- German export data was unexpectedly better than expected, thereby reducing the concern that the EU's largest economy will fall into recession in the fourth quarter.
- The EU investor confidence index has recovered impressively to 0.7% from the expected level of -5.3%, and this is the first positive return for the region since May.
- China said on Monday it hoped to have a trade deal with the United States as soon as possible amid the new round of taxes near.
Okay, now, the charts analysis of today, December 10th.
The price fluctuated very slightly in the early sessions but it’s still going in the right direction. We believe there are signs of a breakout above the upper levels. We still expect a fall in USD/JPY, aiming at 108 zone. However, we need to observe the 108.3 zone first. This zone is quite hard to break through.
The EUR/USD pair had a standard retest to reach the 1.108 zone. The Bearish Engulfing model has appeared. This helps strengthening our prediction of a fall. You can consider selling at this zone.
Although the Hanging Man model failed yesterday due to a surge in price, we still strongly believe in a drop of this pair. The reason is that there are signals of a drop on both the daily chart and H4. You can consider short positions in the short term and wait for new signals.
After the reverse last week, it seems like the price has finished a retest in the zone 1.325. However, the signals are still controversial. You should not trade this pair at the moment.
This pair is likely to breakout, but the break force is not too strong. Moreover, it is right at the technical resistance zone of 0.681. Therefore, we need to wait and see if the price can pierce through the resistance and then make decisions.