FX.co - EUR/USD analysis for December 16, 2021 - Fake breakout of the trading range in the background

2021-12-16T15:43:16

Relevance until2021-12-17

Technical analysis:

EUR/USD analysis for December 16, 2021 - Fake breakout of the trading range in the background

Rejection of the main resistance in the background at the price of 1,1352. Potential for the downside rotation.

Trading recommendation:

Due to strong rejection of the main resistance at the price of 1,1350, I see potential for the downside rotation towards lower reference.

Watch for selling opportunities on the rallies with the downside objective at 1,1228.

Stochastic is showing fresh bear cross, which is another sign and confirmation for the downside rotation.

Key resistance is set at 1,1358

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ EUR/USD analysis for December 16, 2021 - Fake breakout of the trading range in the background