EURUSD Overview

Week of Dec 16, 2019

With a tumultuous history between the Euro and U.S. Dollar the markets fluctuations still follow well established historical resistance levels despite the announcement of news being either good or bad. Volatility in world markets alongside the current instability with the Brexit situation tied into threats from United States president Donald Trump on more tariffs lends a hand into instability in the currency.

Euro / U.S. Dollar analysis

On January 9, 2019 the range high is established for the Euro / U.S. Dollar at resistance level 1.15427 with an immediate pullback. This will continue with pullbacks and retests of upper range median resistance level 1.13742 until July 23, 2019. The main three notable retests of upper range median resistance level 1.13742 happen on march 1, March 21 and June 25 of 2019. The only time the Euro / U.S. Dollar dips below the median range resistance level 1.12061 lasting from April 24, 2019 to January 3, 2019 in a stint of sideways consolidation. On July 23, 2019 United States president Donald Trump announced a budget deal with Congress that laid out future spending. At the same time Boris Johnson was set to be confirmed as the new Prime Minister. The aftermath and damage this would exacerbate to the markets is clear. The first test of an established resistance and lower range median resistance level 1.10737 was on July 31, 2019. This initiated an immediate pullback to retest range median resistance level 1.12061 that would not be reached again. Inevitably leading into the range low and historically established resistance level 1.08980 on October 30, 2019. The Euro / U.S. Dollar experienced a pullback and sideways consolidation above range median resistance level 1.12061 From October 17, 2019 to November 6, 2019. Unfortunately instability of world markets would not allow the Euro / U.S. Dollar to stay above the range median resistance level 1.12061. 

Current Euro / U.S. Dollar Projections 

High volatility at the close on December 13, 2019 there was an immense push to retest established range median resistance level 1.12061. The Euro / U.S. Dollar closed at a slight resistance level of 1.11184 leaving only two main options for the Euro / U.S. Dollar to test. If volatility can not hold then the Euro / U.S. Dollar will pullback to retest lower range median resistance level 1.10737. On the polar opposite if the Euro / U.S. Dollar shows high volatility December 16, 2019 there will be a test of range median resistance level 1.12061 that has not been seen since August of 2019. Shown in the chart below.

*Charts are created with TradingView, our partner in charting.
Written by Nenad Jordanoski, Futures Trader and Technical Analyst.
Risk Warning: Trading on the Financial Markets, Stock Exchange and all its asset derivatives is highly speculative and may not be suitable for all investors. Only invest with money you can afford to lose and ensure that you fully understand the risks involved. Please remember that past performance may not be indicative of future results. Supplied information is not an advice .
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