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03.12.202406:22 Forex Analysis & Reviews: EUR/USD and GBP/USD Technical Analysis for December 3

EUR/USD

Exchange Rates 03.12.2024 analysis

Higher Timeframes

Bearish players dominated the first day of the week. The bears pushed off from daily resistance at 1.0565 and tested supports in the 1.0504 – 1.0472 area (monthly medium-term trend + daily short-term trend). The strength of these supports may lead to consolidation, but if the bears continue their downward movement, their primary goal will be to break out of the corrective zone (1.0334) and overcome the final support of the monthly Ichimoku cross (1.0321). For the bullish players, the key targets remain at 1.0636 (daily medium-term trend) and 1.0665 – 1.0685 (weekly levels + monthly Fibo Kijun).

Exchange Rates 03.12.2024 analysis

H4 – H1 Timeframes

On the lower timeframes, the bears currently have the upper hand, having managed to break below and consolidate under key levels at 1.0529 – 1.0512 (central daily Pivot level + weekly long-term trend). If the downward movement continues, the intraday market will focus on supports at the classic Pivot levels (1.0447 – 1.0396 – 1.0331). The bulls must reclaim the key levels to shift the balance of power and reverse the direction (1.0529 – 1.0512). Afterward, intraday targets would include resistances at the classic Pivot levels (1.0563 – 1.0628 – 1.0679).

***

GBP/USD

Exchange Rates 03.12.2024 analysis

Higher Timeframes

On Monday, bearish sentiment prevailed, driving the market down to the daily short-term trend support at 1.2617. Slightly below, a cluster of levels at 1.2581 – 1.2576 – 1.2561 (weekly cloud + monthly support) offers further reinforcement. To strengthen their position, the bears must overcome this support zone and renew the minimum extreme at 1.2486.

Bullish players face resistance levels from various timeframes, so to create new prospects, they must neutralize the daily Ichimoku dead cross (1.2700 – 1.2766 – 1.2832) and break above 1.2810 – 1.2848 – 1.2866 (weekly levels + monthly short-term trend).

Exchange Rates 03.12.2024 analysis

H4 – H1 Timeframes

A struggle is underway around the weekly long-term trend at 1.2651 on the lower timeframes. This trend determines the balance of power, dividing the market into bullish and bearish zones. Trading above the trend will bolster bullish sentiment, with upward targets at 1.2718 – 1.2785 – 1.2836 (resistances of the classic Pivot levels). If the bears gain the advantage and continue to push lower, the intraday downward targets will be at the classic Pivot supports (1.2600 – 1.2549 – 1.2482).

***

Technical Tools Used

  • Higher Timeframes: Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels.
  • Lower Timeframes (H1): Pivot Points (classic) + Moving Average 120 (weekly long-term trend).

*Analiza tržišta koja se ovde nalazi namenjena je boljem razumevanju tržišta i ne pruža instrukcije za vršenje trgovanja.

Evangelos Poulakis,
Analytical expert of InstaSpot
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