Technical analysis of EUR/USD for December 26, 2019

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Overview:

The EUR/USD pair was continuing to move downwards from the level of 1.1117.

The pair fell from the level of 1.1117 (this level of 1.1117 coincides with the weekly pivot point) to the bottom around 1.1066.

Today, the first resistance level is seen at 1.1117 followed by 1.1171, while daily support 1 is found at 1.1066.

Also, the level of 1.0014 represents a weekly pivot point for that it is acting as major resistance/support this week.

Amid the previous events, the pair is still in a downtrend, because the EUR/USD pair is trading in a bearish trend from the new resistance line of 1.1117 towards the first support level at 1.1066 in order to test it.

If the pair succeeds to pass through the level of 1.1066. The market will indicate a bearish opportunity below the level of 1.1066 in order to decline further to 1.1023 in order to test the weekly support 2.

In summation, this is confirmed by the RSI indicator signaling that we are still in the bulbearish ish trending market. Now, the pair is likely to begin an descending movement to the point of 1.1066 and further to the level of 1.1023.

However, if a breakout happens at the resistance level of 1.1203, then this scenario may be invalidated.

The material has been provided by InstaForex Company - www.instaforex.com