EURUSD Daily Forecast Dec 23 2015

EURUSD: Maintains Recovery Tone But With Caution!

With EURUSD closing higher above the 1.0912 levels, the outlook has turned neutral at the moment, but the recent rise was held by the key resistance 1.0980!

On the upside, immediate resistance comes at the 1.0980 levels, a halt is likely, but a break would open 1.1095 next before the next fall, however, If this important resistance is taken out, strong rise towards the 1.13500 levels will be in sight….

On the downside, a failure to hold above the 1.0980 levels could mean a return to the 1.0912 levels, a halt is likely but a cut would open 1.0865/1.0825 If seen, buying the pair within 1.0865/1.0825 range is recommended. anyway, a cut through the 1.0824 levels will restore the downside momentum and open 1.0730 levels….

Conclusion: The EURUSD continues to consolidate within 1.0824/1.0980 range, above 1.0980 will open 1.1095 while below 1.0824 will pave the way towards the 1.0730 levels…

Intraday: the pair is in a pullback mode as long as trades below the 1.0973 levels on a 4-hour closing basis, support comes at the 1.0909 levels, a halt is likely, but a cut would open last support level 1.0850!!!…Below 1.0850 will expose 1.0822 levels and open the 1.0750 levels.On the upside, above 1.0973 will turn focus on the 1.1030 levels, further upside, resistance ¬†comes at the 1.1095 levels…

Note that ¬†according to the 4-hour timeframe, rise from 1.0822 should be limited by the key resistance 1.0973, above 1.0973 would challenge 1.1095 levels….

Recommendations: Selling the pair below 1.0980, buying the pair above 1.0825 levels…

EURUSD Daily Forecast Dec 23 2015

EURUSD Daily Forecast Dec 23 2015-H4

 

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