EUR/USD: technical analysis 19.12.19

Current trend

The EUR/USD pair begins today’s trading with slight bullish bias due to correction. The first target of the correction is the level of 1.11389, which corresponds to the middle line of Bollinger Bands. Assuming the pair’s ability to cross this level, the mark of 1.11542 can be targeted if holding long positions.

Alternative scenario

The rebound from 1.11389 could lead the price back to 1.11237-1.11084 support zone. A significant decrease is possible after the breakdown of the level 1.11084. In this case, the next targets of sellers will be the level of 1.10931-1.10779.

Technical indicators

Technical indicators reflect the moderate maintenance of the current upward trend.

Bollinger Bands are slightly pointed upwards.

MACD histogram is ready to enter the positive zone and form a buy signal.

Stochastic has left the oversold area and is pointed upwards, reflecting the high possibility of upward movement formation.

Support and resistance

Support levels: 1.11237, 1.11084, 1.10931, 1.10779.
Resistance levels: 1.11389, 1.11542, 1.11694.

Trading recommendations

Short positions can be opened below the level of 1.11084 with the target at around 1.10931-1.10779 and stop-loss at 1.11185.
Long positions can be opened above the level of 1.11389 with the target at around 1.11542-1.11694 and stop-loss at 1.11287.

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