You are here: Home > articles > Forex > Intraday technical levels and trading recommendations for EUR/USD for December 18, 2018
Intraday technical levels and trading recommendations for EUR/USD for December 18, 2018
December 18, 2018 4:25 pmVideo
Latest News
- XM Teams up with ‘Charity Right’ for Change April 23, 2024
- Technical Analysis – US 500 index rebounds off 2-month low below 5,000 April 23, 2024
- Technical Analysis – Is Tesla’s bearish spiral about to end soon? April 23, 2024
- Forex forecast 04/23/2024: EUR/USD, GBP/USD, Oil, SP500 and Bitcoin from Sebastian Seliga April 23, 2024
- USD/JPY: trading tips for beginners for European session on April 23 April 23, 2024
- GBP/USD: trading tips for beginners for European session on April 23 April 23, 2024
- EUR/USD: trading tips for beginners for European session on April 23 April 23, 2024
- Market Comment – Dollar pulls back, but yen hits new 34-year low April 23, 2024
- What do the smaller US surveys say about the US economy? – Special Report April 23, 2024
- Technical Analysis – NZDUSD bounces off a 5-month low April 23, 2024
- Hot forecast for EUR//USD on April 23, 2024 April 23, 2024
- Microsoft reports earnings as AI wars intensify – Stock markets April 23, 2024
- Technical Analysis – Is gold ready for bearish correction? April 23, 2024
- XM and Singapore Red Cross: Stronger Together April 23, 2024
- Technical Analysis of Intraday Price Movement of Natural Gas Commodity Asset, Tuesday April 23, 2024. April 23, 2024
- Technical Analysis of Intraday Price Movement of Gold Commodity Asset, Tuesday April 23, 2024. April 23, 2024
- Key events on April 23: fundamental analysis for beginners April 23, 2024
- EUR/USD and GBP/USD: Technical analysis on April 23 April 23, 2024
- Forecast for EUR/USD on April 23, 2024 April 23, 2024
- Forecast for GBP/USD on April 23, 2024 April 23, 2024
On the weekly chart, the EUR/USD pair is demonstrating a high-probability Head and Shoulders reversal pattern where the right shoulder is currently in progress.
On the Daily chart, the pair has been moving sideways with slight bearish tendency. Narrow sideway consolidations have been maintained within the depicted daily movement channel since June 2018.
On November 13, the EUR/USD demonstrated recent bullish recovery around 1.1220-1.1250 where the lower limit of the channel as well as the depicted demand zone came to meet the pair.
Bullish fixation above 1.1420 was needed to enhance further bullish movement towards 1.1520. However, the market has demonstrated significant bearish rejection around 1.1420 few times so far.
The EUR/USD pair remains trapped between the price levels of 1.1420 and 1.1270 until breakout occurs in either direction.
If early bearish breakout below 1.1270 is achieved on lower timeframes, a quick bearish decline should be expected towards 1.1150-1.1100.
On the other hand, bullish fixation above 1.1420 enhances further bullish advancement towards 1.1520 and 1.1610.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: