Technical analysis for EUR/USD for December 19, 2018
December 19, 2018 9:21 am
EUR/USD is trying to break above 1.14 so far. The chances that the break down below 1.13 was a fake break down have increased dramatically. Strong resistance lies ahead around 1.1430 so bulls need to be cautious.
Green line – RSI bullish divergence
Red line – major trend line resistance
Blue line – short-term resistance
Yellow rectangle – major short-term support
EUR/USD has bounced strongly towards 1.14 after revisiting the 1.13-1.1270 area. This bounce is a bullish sign. However nothing has changed yet. Bears remain under control of the medium-term trend as long as price is below 1.1430. EUR/USD has resistance at 1.14-1.1430 and next at 1.15. Support is critical at 1.1270 where we saw a double bottom being formed. Breaking and holding above 1.14 would open the way for a move towards 1.1520-1.16 and higher. Failure to hold above 1.13 will open the way for a move towards 1.11. The longer-term bullish divergence sign in the Daily chart favors the bullish scenario.
The material has been provided by InstaForex Company – www.instaforex.com
EUR/USD is trying to break above 1.14 so far. The chances that the break down below 1.13 was a fake break down have increased dramatically. Strong resistance lies ahead around 1.1430 so bulls need to be cautious.
Green line – RSI bullish divergence
Red line – major trend line resistance
Blue line – short-term resistance
Yellow rectangle – major short-term support
EUR/USD has bounced strongly towards 1.14 after revisiting the 1.13-1.1270 area. This bounce is a bullish sign. However nothing has changed yet. Bears remain under control of the medium-term trend as long as price is below 1.1430. EUR/USD has resistance at 1.14-1.1430 and next at 1.15. Support is critical at 1.1270 where we saw a double bottom being formed. Breaking and holding above 1.14 would open the way for a move towards 1.1520-1.16 and higher. Failure to hold above 1.13 will open the way for a move towards 1.11. The longer-term bullish divergence sign in the Daily chart favors the bullish scenario.
The material has been provided by InstaForex Company – www.instaforex.com
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