Technical analysis of EUR/USD for Dec 11, 2019

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Technical Market Overview:

The EUR/USD pair has bounced towards the level of 1.1096 as anticipated. The bulls have broken above the technical resistance at the level of 1.1064, but on the larger timeframe, the bears are taking control over the market again and might start pushing the prices lower, towards the technical support located at the level of 1.1024. The momentum is still positive and strong, but there is no reaction from bears yet.

Weekly Pivot Points:

WR3 – 1.1223

WR2 – 1.1169

WR1 – 1.1113

Weekly Pivot – 1.1058

WS1 – 1.1004

WS2 – 1.0947

WS3 – 1.0888

Trading recommendations:

The best strategy for current market conditions is to trade with the larger timeframe trend, which is down. All upward moves will be treated as local corrections in the downtrend. The downtrend is valid as long as it is terminated or the level of 1.1445 clearly violated. There is an Ending Diagonal price pattern visible on the larget timeframes that indicate a possible downtrend termination soon. The key short-term levels are technical support at the level of 1.0999 and the technical resistance at the level of 1.1267.

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

Source:: Technical analysis of EUR/USD for 11/12/2019:

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