EURUSD Mid-day Forecast Dec 20 2018

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EURO -dollar -6598554

EURUSD: Bullish Bias Above 1.1400 levels…

The EURUSD surged today to 1.1485 levels, printed a new resistance at that level. The pair pulled back to 1.1400 so far. Immediate support comes at 1.1400 levels. Stability above that level means that rise from 1.1269 is resuming, and the pair may recapture 1.1485 level. Immediate resistance comes at 1.1445 where a break will aim 1.1485. Above 1.1485 aims 1.1537, further upside, resistance comes at 1.1608 levels.

On the downside, below 1.1400 should weaken recent rise and open 1.1375 ahead of 1.1350. Below 1.1350 will terminate the bullish trend and open 1.1268 levels…

Conclusion: The EURUSD sees upside threats above 1.1400 in the short-term forecast. Below 1.1400 turns neutral and aims 1.1375/1.1350. Below 1.1350 turns bearish with risk to fall below 1.1200 levels.

Support: 1.1400, 1.1375, 1.1350, 1.1270

Resistance: 1.1445, 1.1485, 1.1537, 1.1608

Short-term trend direction (H4):

Bullish above 1.1400 (Fib retracemnt 61.8%)

Bearish below 1.1350 (Fib retracement 38.2%).

Neutral between: 1.1350/1.1400

Notes:

Note that we have a strong match between Fibonacci retracement and extensions on the 4 hours chart (from 1.1272 to 1.1480) with static support and resistance levels on the daily timeframe…

Fibonacci extension 127.7% (H4) = 1.1608 = Static daily chart resisatnce ( low of Oct 15 2018 = 1.1608)…

Fibonacci extension 161.8% (H4) = 1.1537 = Static daily chart resistance ( low of Sep 13 2018 = 1.1537)…

Fibonacci retracement 50% (H4) = 1.1375 so close from 1.1370 ( Static daily chart support 1.1370, broken resistance turned support, open of Dec 07 2018)…

Fibonacci retracement 38.2% (H4) = 1.1350 so close from 1.1346 ( static daily chart support, closure of Dec 17 2018)…

EURUSD Mid-day Forecast Dec 20 2018

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