FX.co - EUR/USD analysis for December 17, 2021

17 December 2021 at 2:11PM (UTC+0)

Relevance until18 December 2021 at 2:11PM (UTC+0)

Technical analysis:

EUR/USD analysis for December 17, 2021 - Rejection of key resistance

Gold has been trading upside but I see potential for the downside movement due to overbought condition and potential for the downside breakout.

Trading recommendation:

Due to overbought condition and downside breakout of the rising channel, there is potential for the downside movement.

Watch for selling opportunities on the rallies with potential for test of $1,795

Stochastic oscillator is showing overbought condition and potential for the downside movement.

Key resistance is set at the price of $1,815

*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 17, 2021 - Rejection of key resistance