Technical analysis of EUR/USD for December 20, 2018
December 20, 2018 11:21 am
Overview:
The EUR/USD pair continues to move upwards from the level of 1.1421. Today, the first support level is currently seen at 1.1421, the price is moving in a bullish channel now. Furthermore, the price has been set above the strong support at the level of 1.1421, which coincides with the 61.8% Fibonacci retracement level. This support has been rejected three times confirming the veracity of an uptrend.
According to the previous events, we expect the EUR/USD pair to trade between 1.1421 and 1.1550. So, the support stands at 1.1421, while daily resistance is found at 1.1550. Therefore, the market is likely to show signs of a bullish trend around the spot of 1.1421. In other words, buy orders are recommended above the spot of 1.1421 with the first target at the level of 1.1550; and continue towards 1.1603. However, if the EUR/USD pair fails to break through the resistance level of 1.1550 today, the market will decline further to 1.1342.
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
The EUR/USD pair continues to move upwards from the level of 1.1421. Today, the first support level is currently seen at 1.1421, the price is moving in a bullish channel now. Furthermore, the price has been set above the strong support at the level of 1.1421, which coincides with the 61.8% Fibonacci retracement level. This support has been rejected three times confirming the veracity of an uptrend.
According to the previous events, we expect the EUR/USD pair to trade between 1.1421 and 1.1550. So, the support stands at 1.1421, while daily resistance is found at 1.1550. Therefore, the market is likely to show signs of a bullish trend around the spot of 1.1421. In other words, buy orders are recommended above the spot of 1.1421 with the first target at the level of 1.1550; and continue towards 1.1603. However, if the EUR/USD pair fails to break through the resistance level of 1.1550 today, the market will decline further to 1.1342.
The material has been provided by InstaForex Company – www.instaforex.com
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