There is a descending channel on the market (red bold lines). The price since September 2018, having tested the resistance line (the red bold line), is moving down. In November, thanks to strong news, the market moved to the side channel. In December, the downward trend is possible only when the price breaks through the level of 1.1244, the support line (blue bold line), while the first week of the month may be the top.
Trend analysis (Fig. 1).
December will begin with an upward movement, with the first goal of 1.1509, the resistance line (red bold line). And only then will the bottom. The assumed first lower target of 1.1244 is the support line (blue bold line).
Fig. 2 (monthly schedule).
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger lines - down;
The conclusion of the complex analysis - most likely the lower work.
The total result of the calculation of the EUR / USD currency pair candle on a monthly schedule: the price is most likely to have a downward trend with the presence of the first upper shadow (the first week of the month is the top) of the monthly black candle and the absence of the second lower shadow (the last week is black).
December will begin with an upward movement, with the first goal of 1.1509, the resistance line (red bold line). To achieve this level, the bottom is possible. The assumed first lower target of 1.1244 is the support line (blue bold line).
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