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18.12.201505:20 Forex Analysis & Reviews: Technical analysis of EUR/USD for December 18, 2015

Long-term review

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The EUR/USD seems to be in a corrective phase after a heavy drop from 1.1500 to 1.0550. The 38.2% Fibonacci retracing has been broken, while the next Fibonacci level (50%) was not tested.

Currently, the price moved lower and rejected off the previous resistance level, which now confirmed to be support (S1) for the second time. As the support level is held, consider buying EUR/USD, while the price is near it targeting the area near 50% Fibonacci retracement, 1.1100 and lower. Stop loss should be placed well below (S1).

Support: 0.7966

Resistance: 1.0970, 1.1113

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