Forex Trading: EURUSD Technical Analysis – December 10, 2019

The Euro (Euro) increases against the US Dollar (USD) on Tuesday with a price went up to more than 1.1000. Since the higher high during the last upside move may be seen on the graph, therefore, the technical bias is expected to remain bullish.

EUR/USD: Technical Analysis

At this time, the EURUSD is being quoted around 1.1068. Looking upside, a few resistance levels may be seen which may come across the price around 1.1081,  and 1.1128. The first one is the major horizontal resistance level which may not allow the price to cross this level, and the second is known as the Fibonacci level which may also push the price back towards the downside. Another resistance level stands next around 1.1140, it’s a trend line resistance level as shown in the graph below.

EURUSD

 

On the other hand, a few support levels may also be spotted while moving towards the downside. The price may receive strong support near 1.1033, it’s the 61.8% Fib level ahead of 1.0996, the trend line support. Both of them may help the price to stick around the current levels and prevent it from falling further. Then comes 1.0974, the confluence of two support levels including the trendline and the horizontal support level as shown in the graph above.

European Gross Domestic Product

As per the fundamental point of view, the Statistisches Bundesamt Deutschland in Germany releases stats with respect to GDP remains at 0.5% this quarter, the same as it was during the quarter before. The Gross Domestic Product (GDP) is known as an expansive proportion of the German financial grounds and wellbeing. Generally speaking, a high perusing or a superior to anticipated number suggests a bullish market for the Euro (EUR), while a falling pattern indicates a bearish market for the Euro (EUR).

Trade Idea

Trading the EURUSD around current levels for both long term and short term positions may be viable.

 

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