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30.12.201909:14 Forex Analysis & Reviews: Technical analysis of EUR/USD for 30/12/2019:

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.

Technical Market Overview:

After the deep retracement to the level of 61% Fibonacci located at 1.1065 the EUR/USD pair has been rallying towards the swing high located at the level of 1.1199. This high has been violated and a new local high was made at the level of 1.1210. Please notice, the bulls are now testing the short-term trendline resistance from below as well as the level of 1.1210 is very close to this line. Moreover, the rally might be terminated soon, despite the strong and positive momentum, the market is in the overbought conditions. The nearest technical support is seen at the level of 1.1174 and the next technical resistance is located at the level of 1.1232.Although the higher timeframes trend remains bearish, the global investors must take into account, that the EUR/USD might be finally breaking up from the multi-month Ending Diagonal pattern.

Weekly Pivot Points:

WR3 - 1.1349

WR2 - 1.1265

WR1 - 1.1228

Weekly Pivot - 1.1151

WS1 - 1.1114

WS2 - 1.1029

WS3 - 1.0994

Trading Recommendations:

The best strategy for current market conditions is to trade with the larger timeframe trend, which is down. All upward moves will be treated as local corrections in the downtrend. The downtrend is valid as long as it is terminated or the level of 1.1445 clearly violated. There is an Ending Diagonal price pattern visible on the larget timeframes that indicate a possible downtrend termination soon. The key short-term levels are technical support at the level of 1.1040 and the technical resistance at the level of 1.1267.

Exchange Rates 30.12.2019 analysis

Sebastian Seliga
Analytical expert of InstaForex
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