Indicator analysis: Daily review on Dec 18, 2019, on EUR/USD currency pair

The pair moved upward in the side channel on Tuesday. The price also moved up and tested the historical resistance level of 1.1166 presented in a blue dotted line and then rolled back down. On Wednesday, strong calendar news is expected for the euro at 08:30, 09:00 and 10:00 Universal time and for the dollar at 15:30 Universal time.

Trend analysis (Fig. 1).

On Wednesday, the price may begin to move down with the first target 1.1117 which is a pullback level of 38.2% presented in a red dashed line. If this level is reached, you can work on the top with the target 1.1176 which is the upper fractal.

Fig. 1 (daily chart).

Comprehensive analysis:

– Indicator analysis – down;

– Fibonacci levels – up;

– Volumes – down;

– Candlestick analysis – down;

– Trend analysis – up;

– Bollinger Lines – up;

– Weekly schedule – up.

General conclusion:

Wednesday is a downward trend.

An unlikely scenario is possible and that is, from a pullback level of 1.1117 presented in a red dashed line, the price will go down to the lower target 1.1091 which is a pullback level of 50.0% presented in a red dashed line.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Indicator analysis: Daily review on December 18, 2019, on EUR / USD currency pair