EURUSD Retreats After Slamming into Key Barrier

EURUSD Retreats After Slamming into Key Barrier

EURUSD Price Analysis – December 16

The EURUSD surge last week stopped at a fairly important resistance level. On the daily chart, the horizontal level at 1.1178 proved an obstacle again. The same level had kept the pair low in the last two months.

Key Levels
Resistance Levels: 1.1450, 1.1280, 1.1200
Support Levels: 1.1115, 1.1090, 1.0879

EURUSD Long term Trend: Bearish

In the longer-term structure, the rebound from the level at 1.0879 is seen as a corrective move first. In case of another advance, the advance may be contained by correction from the level at 1.1450 to 1.0879 at 1.1412.

The downtrend from the level at 1.1450 (high) may continue at a later phase. However, the continuous decline on the level at 1.1412 may soften this bearish trend and lead to a stronger rally to correct at the next horizontal resistance zone.

EURUSD Short term Trend: Bullish

Again, a simple technical correction to the support level of 1.1115 for EURUSD is possible. In general, today, bulls require to exit past 1.1155 level, and sellers today require to exit beneath 1.1115 level.

The EURUSD pair is at most bullish when it is trending past the level of 1.1130, the main barrier is at the levels of 1.1155 and 1.1200. EURUSD is at the bearish zone when trending beneath 1.1130 level, the main support is at 1.1115 and 1.1090 levels.

Instrument: EURUSD
Order: Buy
Entry price: 1.1130
Stop: 1.1090
Target: 1.1200

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.