26.12.201907:18 Forex Analysis & Reviews: Technical analysis of EUR/USD for December 26, 2019

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Overview:

The EUR/USD pair was continuing to move downwards from the level of 1.1117.

The pair fell from the level of 1.1117 (this level of 1.1117 coincides with the weekly pivot point) to the bottom around 1.1066.

Today, the first resistance level is seen at 1.1117 followed by 1.1171, while daily support 1 is found at 1.1066.

Also, the level of 1.0014 represents a weekly pivot point for that it is acting as major resistance/support this week.

Amid the previous events, the pair is still in a downtrend, because the EUR/USD pair is trading in a bearish trend from the new resistance line of 1.1117 towards the first support level at 1.1066 in order to test it.

If the pair succeeds to pass through the level of 1.1066. The market will indicate a bearish opportunity below the level of 1.1066 in order to decline further to 1.1023 in order to test the weekly support 2.

In summation, this is confirmed by the RSI indicator signaling that we are still in the bulbearish ish trending market. Now, the pair is likely to begin an descending movement to the point of 1.1066 and further to the level of 1.1023.

However, if a breakout happens at the resistance level of 1.1203, then this scenario may be invalidated.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.