18.12.201502:33 Forex Analysis & Reviews: Technical analysis of EUR/USD for December 18, 2015

Long-term review

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Overview:

The EUR/USD pair is trading between the levels of 1.0866 and 1.0722 (these levels coincide with the Fibonacci retracement levels 78.6% and 38.2% respectively). It should be noted that the level at 1.0866 will act as a strong resistance because it represents a ratio of 78.6% Fibonacci retracement levels in the H1 chart. Moreover, the daily pivot point has always set below the resistance and it will act as a minor resistance in the area of 1.0849. Therefore, it will be rather gainful to sell below the levels of 1.0866 or 1.0849 and move further downside with targets at 1.0722 and 1.0694. The double bottom will set at the point of 1.0642; but the weekly support 1 has already been found at 1.0694. On the other hand, stop loss should always be taken in account, consequently, it will be of beneficial to set the stop loss above the resistance 1 at the level of 1.0866.

Intraday technical levels:

Pair:EUR/USD

1.0993
1.0954
1.0879
1.0840
1.0765
1.0726
1.0651

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