30.12.201913:39 Forex Analysis & Reviews: EURUSD in short-term bullish trend to end the 4th quarter with a positive note

Long-term review

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EURUSD is bouncing higher recapturing key short-term and medium-term resistance levels. Price is making higher highs and higher lows bringing hope to bulls for a strong start for 2020. EURUSD has managed to break above October highs.

Red rectangle- resistance

Blue rectangle -support

EURUSD has managed to hold above the blue support area and to produce a higher low that has lead to a higher high. The RSI is confirming this high. This means that our initial target of 1.1280 has high chances of being met. Trend is bullish. Support is at 1.11-1.1070. Short-term trend remains bullish as long as we are above that area. Resistance is now found at 1.1280. Holding above 1.12 is crucial for bulls. The end of the year will most probably find EURUSD at the highest level of the last quarter, giving hopes for more upside for the 1st quarter of 2020.

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