10.12.201800:32 Forex Analysis & Reviews: Technical analysis for EUR/USD for December 10, 2018

Long-term review

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EUR/USD rallied back above 1.14 late on Friday but price did not close above the upper triangle pattern boundary. Price closed below the resistance and with a bearish long tailed candle. A move below 1.1370 will be a rejection sign.

Red lines - triangle pattern

EUR/USD has short-term resistance at 1.14-1.1420. As long as price is below that level bulls need to be very cautious. Support is at 1.1370 and next at 1.1320. Breaking below 1.1370 would be a bearish sign because of the inability for the pair to break above the triangle boundary. The target would then be a move back towards the lows of the triangle pattern. Breaking and closing above 1.1420 opens the way for a move towards 1.16.

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