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EUR/USD: technical analysis 30.12.19

Current trend

On the 4-hour chart, the instrument is growing along the upper line of the Bollinger Bands. At the moment the price has met the resistance at the level of 1.12103. This level can prevent the instrument from growing, as the possibility of the downward correction of the price is high there. However, the decisive break of 1.12103 is needed to indicate uptrend resumption. In this case, the next targets of buyers will be the level of 1.12305-1.12415.

Alternative scenario

If the sellers manage to decline the rate below the level of 1.11911, the correction can continue to the area of 1.11694. This mark seems a key support zone in the short term period. There is a chance of an upward rebound, while its breakdown would accelerate the decline in direction of 1.11389 support.

Technical indicators

Technical indicators maintain a buy signal. , but the downward correction is possible in the short term.

Bollinger Bands are diverging on the background of bullish momentum.

MACD is growing in a positive zone.

Stochastic is in the overbought area and is pointed downwards, reflecting the high possibility of the downward movement formation.

Support and resistance

Support levels: 1.11911, 1.11694, 1.11389.
Resistance levels: 1.12103, 1.12305, 1.12610.

Trading recommendations

Short positions can be opened below the level of 1.11911 with the target at around 1.11694 and stop-loss at 1.11983.
Long positions can be opened above the level of 1.12103 with the target at around 1.12305 -1.12415and stop-loss at 1.11999.

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