EUR/USD have potential to start downtrend from 1.1165 to 1.1100

Anton Kolhanov Anton Kolhanov

EUR/USD, Monday forecast, December 16

Uptrend
The uptrend may be expected to continue, while pair is trading above support level 1.1105, which will be followed by reaching resistance level 1.1180.
Downtrend
An downtrend will start as soon, as the pair drops below support level 1.1105, which will be followed by moving down to support level 1.1057.

Weekly forecast, December 16 - 20

Most important news of this week
Monday: EU Manufacturing PMI (Dec), USA Manufacturing PMI (Dec), US Markit Composite PMI (Dec);
Tuesday: -
Wednesday: German Ifo Business Climate Index (Dec), EU Core CPI (YoY)(Nov), Crude Oil Inventories;
Thursday: US Existing Home Sales (Nov)
Friday: US GDP (QoQ)(Q3), US Core PCE Price Index (YoY)(Nov), US Michigan indexes.

Forecast and technical analysis
Sideways
The pair is trading along an sideways trend between support 1.1105 and resistance 1.1198.
Downtrend
An downtrend will start as soon, as the pair drops below support level 1.1005, which will be followed by moving down to support level 1.1050 and 1.1020.
Uptrend
An uptrend will start as soon, as the pair rises above resistance level 1.1198, which will be followed by moving up to resistance level 1.1270.

Monthly forecast, December 2019 - January 2020

Sideways
The pair is trading along an sideways trend between resistance 1.1115 and support 1.0988, where now we can expecting downtrend wave (correction) to support level 1.0988.
Uptrend
An uptrend will start as soon, as the pair rises above resistance level 1.1115, which will be followed by moving up to resistance level 1.1170.
Downtrend
An downtrend will start as soon, as the pair drops below support level 1.0988, which will be followed by moving down to support level 1.0940 and 1.0880.

Author

Anton Kolhanov

Anton Kolhanov is a trader and an analyst. He started to study the Forex market in 2003.

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