Forex Trading: EUR/USD should drop further December 11, 2018

Free $100 Forex No-Deposit Bonus

EUR/USD is trading in the red and it seems ready to drop much deeper again.  Price has shown some exhaustion signs in yesterday’s trading session, but we still need a confirmation that it will drop significantly. It is still located right above some very important support levels, so you should wait for a valid breakdown.

The USD could increase as the US data have come in better than expected, the PPI increased by 0.1%, beating the 0.0% estimate, while the Core PPI rose by 0.3%, exceeding the 0.1% estimate. The Euro-zone ZEW Economic Sentiment was reported at -21.0 points, better versus the -23.2 estimate and versus the -22.0 in the former reading period, while the German ZEW Economic Sentiment increased to -17.5, even if the specialists have expected to see a further drop from -24.1 to -25.0 points.

Forex Trading: EUR/USD should drop further December 11, 2018

USDX is trading in the green and it is somehow expected to climb much higher after the false breakdown below the SL1 of the descending pitchfork and upside 50% Fibonacci line of the ascending pitchfork.

The next upside target should be at the inside sliding line (sl1), which it represents a very strong resistance. I’ve told you in the previous reports that the perspective remains bullish as long as the rate stays above the 50% Fibonacci line.

Only a valid breakout above the sliding line (sl1) it will announce a significant upside movement, the USD will dominate the currency market in this situation.

Forex Trading: EUR/USD should drop further December 11, 2018

EUR/USD has made a false breakout above the lower median line (lml) of the ascending pitchfork signaling that we may have a significant drop. It has slipped below the outside sliding line (sl) of the minor ascending pitchfork and now approaches the 1.1301 static support and 150% line. A valid breakdown will open the door for a further drop.

A larger drop will be confirmed by a valid breakdown below the sliding line (SL) of the descending pitchfork. We could have a valid breakdown if the rate will drop and will stabilize below the 150% line of the minor ascending pitchfork.

Copyright © 2019. All Rights Reserved. FXDailyReport.Com
Risk Warning: Trading CFDs is a high risk activity and you may lose more than your initial deposit. You should never invest money that you cannot afford to lose. will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets.