FX.co - EUR/USD analysis for December 23, 2021 - Potential for drop towards downside reference

2021-12-23T12:51:04

Relevance until2021-12-24

Technical analysis:

EUR/USD analysis for December 23, 2021 - Potential for drop towards downside reference

EUR/USD has been trading downside this morning and I see potential for further downside movement.

Trading recommendation:

Due to overbought condition in the background and downside breakout, watch for selling opportunities on the rallies.

Downside targets are set at the price of 1,1280 and 1,1264

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

Key resistance is set at the price of 1,1343

*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 23, 2021 - Potential for drop towards downside reference