26.12.201918:59 Forex Analysis & Reviews: December 26, 2019 : EUR/USD Intraday technical analysis and trade recommendations.

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.

Since November 14, the price levels around 1.1000-1.0995 has been standing as a significant DEMAND zone which has been offering adequate bullish SUPPORT for the pair on two successive occasions.

Shortly-after, the EUR/USD pair has been trapped within a narrower consolidation range between the price levels of 1.1000 and 1.1085-1.1100 (where a cluster of supply levels and a Triple-Top pattern were located) until December 11.

On December 11, significant bullish swing was initiated around 1.1040 allowing recent bullish breakout above 1.1110 to pursue towards 1.1175 within the depicted newly-established bullish channel.

Intraday bearish rejection was expected around the price levels of (1.1175).

Quick bearish decline was demonstrated towards 1.1115 (38.2% Fibonacci level) which got broken to the downside as well.

On December 20, further bearish decline was demonstrated towards 1.1065 where early signs of bullish recovery is currently manifested.

Any bullish pullback towards 1.1115 should be watched for bearish rejection and another SELL entry.

On the other hand, If earlier bearish decline below 1.1065 is demonstrated, next bearish projection target would be located around 1.1010.

Trade recommendations :

Conservative traders should wait for further bullish pullback towards 1.1115 ( reversal pattern neckline ) as a valid SELL signal.

Bearish projection target to be located around 1.1090, 1.1040 and 1.1010.

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.