Antony_NPBFX
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EUR/USD: the euro is consolidating 20.12.2019
Good afternoon, dear forum visitors!
NPBFX offers the latest release of analytics on EUR/USD for a better understanding of the current market situation and more efficient trading.
Current trend
EUR is showing a moderate decline against USD during today's Asian session. The instrument is preparing to test the level of 1.1110, losing about 0.07%. The “bearish” trend replaced the uncertain growth, which was due to not the most successful macroeconomic statistics from the US on Thursday. US Existing Home Sales in November fell by 1.7% MoM after a 1.5% MoM growth last month. Analysts expected a decline of 0.2% MoM. Philadelphia Fed Manufacturing Index in December fell sharply from 10.4 to 0.3 points with a forecast of a decrease of only 8 points.
During the day, investors expect publication of statistics from the United States on annual GDP growth rates for Q3 2019 (updated data) and the dynamics of Personal Income and Spending for November. The euro area is expected to release Consumer Confidence data in December, as well as Current Account balance statistics for October.
Support and resistance
In the D1 chart, Bollinger Bands are reversing horizontally. The price range is narrowing from below, reflecting the flat dynamics of trading in the short term. MACD is going down preserving a moderate sell signal (located below the signal line). Stochastic keeps a confident downtrend but is located near its lows, which indicates the risks of oversold EUR in the ultra-short term.
Existing short positions should be kept until the situation clears up.
Resistance levels: 1.1143, 1.1174, 1.1200.
Support levels: 1.1115, 1.1096, 1.1080, 1.1062.
Trading tips
To open long positions, one can rely on the rebound from the support level of 1.1096, with the subsequent breakout of 1.1115. Take profit – 1.1174 or 1.1200. Stop loss – 1.1090.
A breakdown of 1.1096 may be a signal for new sales with target at 1.1062 or 1.1050, 1.1038. Stop loss – 1.1120 or 1.1130.
Implementation time: 2-3 days.
Use more opportunities of the NPBFX analytical portal: weekly FOREX forecast
You can learn more about the current situation on EUR/USD and get acquainted with the weekly analytical forecast in the "Video reviews" section on the NPBFX portal. Weekly video reviews contain trends, key levels, trading recommendations for such popular instruments as EUR/USD, GBP/USD, USD/JPY, AUD/USD. In order to get free and unlimited access to video forecast and other useful instruments on the portal, you need to register on the NPBFX website.
If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.
Use the current recommendations of analysts on EUR/USD and trade efficiently with NPBFX.
Good afternoon, dear forum visitors!
NPBFX offers the latest release of analytics on EUR/USD for a better understanding of the current market situation and more efficient trading.
Current trend
EUR is showing a moderate decline against USD during today's Asian session. The instrument is preparing to test the level of 1.1110, losing about 0.07%. The “bearish” trend replaced the uncertain growth, which was due to not the most successful macroeconomic statistics from the US on Thursday. US Existing Home Sales in November fell by 1.7% MoM after a 1.5% MoM growth last month. Analysts expected a decline of 0.2% MoM. Philadelphia Fed Manufacturing Index in December fell sharply from 10.4 to 0.3 points with a forecast of a decrease of only 8 points.
During the day, investors expect publication of statistics from the United States on annual GDP growth rates for Q3 2019 (updated data) and the dynamics of Personal Income and Spending for November. The euro area is expected to release Consumer Confidence data in December, as well as Current Account balance statistics for October.
Support and resistance
In the D1 chart, Bollinger Bands are reversing horizontally. The price range is narrowing from below, reflecting the flat dynamics of trading in the short term. MACD is going down preserving a moderate sell signal (located below the signal line). Stochastic keeps a confident downtrend but is located near its lows, which indicates the risks of oversold EUR in the ultra-short term.
Existing short positions should be kept until the situation clears up.
Resistance levels: 1.1143, 1.1174, 1.1200.
Support levels: 1.1115, 1.1096, 1.1080, 1.1062.
Trading tips
To open long positions, one can rely on the rebound from the support level of 1.1096, with the subsequent breakout of 1.1115. Take profit – 1.1174 or 1.1200. Stop loss – 1.1090.
A breakdown of 1.1096 may be a signal for new sales with target at 1.1062 or 1.1050, 1.1038. Stop loss – 1.1120 or 1.1130.
Implementation time: 2-3 days.
Use more opportunities of the NPBFX analytical portal: weekly FOREX forecast
You can learn more about the current situation on EUR/USD and get acquainted with the weekly analytical forecast in the "Video reviews" section on the NPBFX portal. Weekly video reviews contain trends, key levels, trading recommendations for such popular instruments as EUR/USD, GBP/USD, USD/JPY, AUD/USD. In order to get free and unlimited access to video forecast and other useful instruments on the portal, you need to register on the NPBFX website.
If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.
Use the current recommendations of analysts on EUR/USD and trade efficiently with NPBFX.