EUR/USD. December 25. In support of a trading idea



On December 24, the EUR/USD pair made a return to the correctional level of 50.0% - 1.1090 and some hint of a break from it over the remaining few hours before closing. Thus, I expect a new reversal in favor of the US currency and the resumption of the fall process in the direction of the correction level of 61.8% - 1.1064. The activity of traders has significantly decreased this week, which is not surprising. An informational background is currently absent for any pair; there are no economic reports. The entire background is still reduced to skirmishes between Donald Trump and the Democrats, as well as discussions regarding trade negotiations between America and China.

My trading idea, as before, is to sell the pair with the target of 1.1033 and the Stop Loss level above the level of 1.1090, since the pair has already been rebounding from this level. The trading idea will be canceled if a close is made above the level of 1.1090.

Forecast on EUR/USD and recommendations to traders:

The markets remain closed on December 25 and will only start functioning again on Thursday morning. However, until the very end of the week, given that there is no information background, activity can remain "at zero". If at least some of the traders return to the market, then the trading idea will receive a chance of implementation.

The Fibo grid was built at the extremes of November 29, 2019 and December 13, 2019.

The material has been provided by InstaForex Company -