Overview:
As it is known, sellers are asking for a higher price, but buyers are bidding at a lower price. Therefore, the first key level will set at the level of 1.2245 and the second key level will set at the 1.2319 level on December 19, 2014. Equally important, the price of EUR/USD pair has still been moving between 1.2320 and 1.2240. Additionally, it should be noted that the range was about 80 pips (1.2320 - 1.2240) today. Furthermore, the trend was very clear and was indicating a downtrend from the level of 1.2320. Accordingly, we expect that the trend is going to call for a bearish market at the level of 1.2320 in H1 chart. As a result, sell at the price of 1.2320 with the first target at 1.2263, it might resume to 1.2246 in order to test the double bottom. On the other hand, your stop loss should be placed above the 1.2322 (23.6% of Fibonacci retracement levels), for this reason, it will be beneficial to set it at the price of 1.2345.Intraday technical levels:
Date:19/12/2014
Pair:EUR/USD
R3: 1.2422 R2: 1.2386 R1: 1.2336 PP: 1.2300 S1: 1.2250 S2: 1.2214 S3: 1.2164Note:
It should be noted that if there is no significant news to influence, the market price will be moving from pivot point to resistance 1 or support 1. But if there is significant news to influence, the market price may go straight through resistance 1 or support 1 and it may reach resistance 2 or support 2 and even resistance 3 or support 3.