EUR/USD: Technical Analysis and Trading Recommendations_12/01/2021

 
 
 
 
 
 
 
EUR/USD W Chart

Despite yesterday's and Friday's growth, which was caused by a sharp fall in European stock indices, EUR / USD remains in the long-term bear market zone, trading below the key resistance levels 1.1620 (ЕМА200 on the weekly chart), 1.1725 (ЕМА200 on the daily chart), 1.1885 (ЕМА200 on the monthly chart).

EUR/USD D Chart

Further decline in EUR / USD is most likely. In view of this, short positions for this currency pair remain preferable, and the current corrective growth provides a good opportunity to enter short positions from the current levels, as well as in case of growth to the important short-term resistance level 1.1433 (ЕМА200 on the 4-hour chart and the upper border of the descending channel on the daily graph).

EUR/USD H4 Chart

The breakdown of the support levels 1.1298 (ЕМА200 at the 1-hour level), 1.1285 (Fibonacci level 23.6% of the upward correction in the wave of the pair's decline from the level of 1.3870, which began in May 2014, to the level of 1.0500) will be a confirmation signal of the resumption of the downward dynamics of EUR / USD.

EUR/USD H1 Chart

In an alternative scenario, the upward correction will continue towards the resistance level 1.1490 (ЕМА50 on the daily chart), from which sales are also possible. However, only a breakdown of the key resistance levels 1.1725, 1.1780 (Fibonacci level 38.2%) will indicate a return of EUR / USD to the bull market.

Support levels: 1.1298, 1.1285, 1.1200, 1.1170

Resistance levels: 1.1433, 1.1490, 1.1620, 1.1680, 1.1700, 1.1725, 1.1780

Trading Recommendations

Sell Stop 1.1280. Stop-Loss 1.1390. Sell ​​Limit 1.1425, 1.1485. Stop-Loss 1.1520. Take-Profit 1.1230, 1.1200, 1.1170, 1.1100, 1.1000

Buy Stop 1.1390. Stop-Loss 1.1250. Take-Profit 1.1433, 1.1490, 1.1620, 1.1680, 1.1700