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EUR/USD: technical analysis 24.12.19

Current trend

EUR/USD today continues to consolidate in the narrow side channel 1.10848-1.10935, but the general downward trend is still maintained. In case the pair manage to cross the support 1.10779, the decline will continue to the 1.10626 level. This level can activate an upward rebound. Meanwhile, pair’s sustained trading below 1.10626 level will give a prospect of decline to 1.10474, which is the key level for the sellers.

Alternative scenario

The rebound from 1.10761 and pullback above 1.10931 will be a sign of upward trend formation. In such a case scenario the level of 1.11084 will be a first strong resistance, which can prevent the instrument from growing. The breakout of this mark will be a key trigger for bullish traders and accelerate the pair towards 1.112237-1.11389.

Technical indicators

The technical picture is mixed.

Bollinger Bands are pointed downwards.

MACD is decreasing in the negative zone.

Stochastic is pointed downwards.

Support and resistance

Support levels: 1.10779, 1.10626, 1.10474.
Resistance levels: 1.10931, 1.11084, 1.11237,1.11389.

Trading recommendations

Short positions can be opened below the level of 1.10779 with the target at around 1.10626-1.10474 and stop-loss at 1.10885.
Long positions can be opened above the level of 1.10931 with the target at around 1.11237 and stop-loss at 1.10829.

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