Strong Euro Rebound: Wave Theory Signals Completion of Wave C 

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the EURUSD for DEC 6, 2024. 

EURUSD Key Takeaways 

• US data: The number of initial jobless claims in the United States for the week ending November 30 was 224,000, higher than the expected 215,000, and the previous value was revised up by 2,000. The data suggests that the job market has signs of weakness. 

• Non-farm Payrolls: Today, the United States will announce the November unemployment rate, the seasonally adjusted non-farm employment population in November, and the average hourly wage annual rate in November. The market expects that the United States will add 200,000 jobs in November, and the unemployment rate will rise slightly to 4.2%; if there is an unexpected weakness, the Fed’s downgrade in December will be a foregone conclusion, and there is a probability that the euro will rebound sharply against the US dollar. 

EURUSD Technical Analysis 

EURUSD Daily Chart Insights 

(EURUSD Daily Price Chart, Source: Ultima Markets MT4) 

• Stochastic oscillator: The indicator once again sends an upward signal above the 50 median line. The bullish market sentiment has the upper hand in the short term. Investors can pay attention to intraday long opportunities. 

• Upper resistance: After the EUR/USD price rebounded on November 22, the exchange rate approached the resistance of 1.06102 and then fell. Yesterday’s sharp rise in the exchange rate made it clear that the rebound is continuing, and it is expected to break through the resistance price today. It is worth noting that the red 33-day MA above is also nearby, so we still need to be vigilant about the probability of reversing and starting to fall again. 

EURUSD 1-hour Chart Analysis 

(EURUSD H1 Price Chart, Source: Ultima Markets MT4) 

• Stochastic oscillator: The indicator sends a short signal in the overbought area, and the exchange rate will adjust and fall in the short term during the Asian session. Based on the background of the daily upward trend, the indicator is still worth paying attention to the long opportunity before the top divergence occurs. 

• Elliot Wave: From the perspective of waves, the EUR/USD is in a zigzag upward adjustment wave. The exchange rate was blocked from falling after hitting the 1.618 times Fibonacci extension level of wave A. From the structural point of view, wave C is not complete, so it is still expected to continue to rise after the adjustment, and the next target is around 1.06183, which is 2 times the height of wave A. 

EURUSD Pivot Indicator 

(EURUSD M30 Price Chart, Source: Ultima Markets APP) 

• According to the trading central in Ultima Markets APP, the central price of the day is established at 1.0545, 

• Bullish Scenario: Bullish sentiment prevails above 1.0545, first target 1.0600, second target 1.0630; 

• Bearish Outlook: In a bearish scenario below 1.0545, first target 1.0520, second target 1.0500. 

Conclusion 

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