empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

31.12.201913:39 Forex Analysis & Reviews: Technical analysis of EUR/USD for December 31, 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.

Exchange Rates 31.12.2019 analysis

Overview:

Pivot point: 1.1162.

The EUR/USD pair was continuing to trade upwards from the level of 1.1162.

Yesterday, the pair rose from the level of 1.1162 (daily pivot point) to the top around 1.1223.

Today, the first resistance level is seen at 1.1265 followed by 1.1303, while daily support is seen at 1.1162. According to the previous events, the EUR/USD pair is still moving between the levels of 1.1162 and 1.1303.

Consequently, we expect a range of 141 pips in coming hours. This would suggest a bullish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs.

Subsequently, if the trend is able to break out through the first resistance level of 1.1265, we should see the pair climbing towards the new double top (1.1303) to test it.

On the contrary, if a breakout takes place at the support level of 1.1162, then this scenario may become invalidated. Remember to place a stop loss; it should be set below the second support of 1.1126.

Mourad El Keddani
Analytical expert of InstaForex
© 2007-2024

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.




You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off