EURUSD Daily Forecast Dec 16 2016

EURUSD, Bearish Faces Further Downside Pressure!

EURO -dollar - 69875

EURUSD, Bearish Faces Further Downside Pressure!

Outlook in EURUSD remains on the downside as long as 1.0524 -broken support turned resistance- holds on a daily closing basis, support comes at the 1.0360 levels, a halt is likely and a reversal may occur, however; a cut through the 1.0360 levels would open 1.0254, further down, support stands at the 1.0775 levels…

On the upside, resistance comes at the 1.0524 levels, above 1.0524 sees a recovery risk to the 1.0669 levels before the next falling…

Conclusion: The EURUSD continues to face downside threats below the 1.0669 levels…

Note: Minor resistance comes at the 1.0438 levels, above 1.0438 would open 1.0524 levels, a failure to hold above the 1.0438 ¬†on a 4-hour closing basis could mean a return to the 1.0360 levels…


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