Forex Trading: EURUSD Technical Analysis – December 26, 2019
EUR begins its day with the bearish candle on the graph against the USD, the decline of EUR is starting from 15 December 2019, meanwhile, it has risen at different intervals, but could not recover. Today, the EUR Fall itself to less than 1,1100 due to the failure of major economic news. ⠀With regard to the technical bias, it still remains bullish because of the lower high wave, printed on the last downside move.
EUR/USD: Technical Analysis
As of writing this piece, EURUSD being exchanged at the price of 1.1085, having more than three supports levels that might help the price to move above this level and also provide the price a shelter that protects it from further dropping. the price may experience its first support level at the price of 1.1079, the immediate Fibonacci level support, soon after it, there is the support of 1.1021, the trendline support and then the major horizontal support of 1.0998 stands just below the trendline, as shown in the graph below.
Coming upside, the price may face the first Fibonacci level of resistance at the price of 1.1112, ahead of the trendline resistance of 1.1143, then at 1.1193, as shown in the graph above, there is the major horizontal resistance. All of these resistance levels act as the barriers to stop the price of the pair from exceeding that level.
EUR GfK Consumer Confidence
The GfK Consumer Confidence, a leading index slightly drops from the index of the last month. A low level of consumer confidence generally stimulates economic downturn, a low reading for the currency of EUR is seen as negative (or bearish).
Investing in EURUSD may entail the risk at the current level, as its market is constantly facing fluctuations in its price movement, whereas long-term traders may be looking for their luck.